Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,857/mo
Lowest payment- Down payment
- $240,111
- Funds due
- $255,712
- Interest + MI left
- $177,078
- First ends
- Mar 2050
Assumption
Assumption + second
$4,178/mo
+$1,321/mo- Down payment
- $60,111
- Funds due
- $77,002
- Interest + MI left
- $472,557
- First ends
- Mar 2050
New loan
New conventional
$4,768/mo
+$1,911/mo- Down payment
- $60,111
- Funds due
- $72,616
- Interest + MI left
- $811,088
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $354,889 | $354,889 | $534,889 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,899.88 | $1,899.88 | $3,703.46 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $106.98 |
| Taxes, insurance & HOA | $957.50 | $957.50 | $957.50 |
| Total housing payment | $2,857.38 | $4,178.16 | $4,767.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,111
Closing costs & prepaids$16,891
Usable credit−$0
Total buyer cash needed$77,002
Earnest money paid−$0
Remaining funds due$77,002
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,774.44
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,487.50
Initial HOA (3 months)$885.00
Prepaid interest, first (1 days)$36.27
Prepaid interest, second (1 days)$39.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 4 moOf the original 30-year loan at 3.730%
Interest already paid$95,633Through Nov 2026
Assumption only · ends Mar 2050$177,078
Assumption + second · ends Mar 2050, second Dec 2056$472,557
New conventional · ends Dec 2056$811,088