Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,925/mo
Lowest payment- Down payment
- $349,168
- Funds due
- $363,569
- Interest + MI left
- $89,793
- First ends
- Dec 2050
Assumption
Assumption + second
$4,010/mo
+$2,085/mo- Down payment
- $58,168
- Funds due
- $73,943
- Interest + MI left
- $549,307
- First ends
- Dec 2050
New loan
New conventional
$4,529/mo
+$2,604/mo- Down payment
- $58,168
- Funds due
- $70,220
- Interest + MI left
- $789,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,832 | $229,832 | $520,832 |
| Second mortgage | — | $291,000 | — |
| First P&I | $1,105.97 | $1,105.97 | $3,606.14 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | — | — | $104.17 |
| Taxes, insurance & HOA | $819.17 | $819.17 | $819.17 |
| Total housing payment | $1,925.14 | $4,009.90 | $4,529.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,168
Closing costs & prepaids$15,775
Usable credit−$0
Total buyer cash needed$73,943
Earnest money paid−$0
Remaining funds due$73,943
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,149.16
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)$1,447.50
Initial HOA (3 months)$510.00
Prepaid interest, first (2 days)$36.52
Prepaid interest, second (2 days)$123.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing24 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$42,645Through Nov 2026
Assumption only · ends Dec 2050$89,793
Assumption + second · ends Dec 2050, second Dec 2056$549,307
New conventional · ends Dec 2056$789,877