Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,823/mo
Lowest payment- Down payment
- $287,309
- Funds due
- $300,529
- Interest + MI left
- $110,265
- First ends
- May 2050
Assumption
Assumption + second
$3,500/mo
+$1,676/mo- Down payment
- $53,309
- Funds due
- $67,879
- Interest + MI left
- $479,771
- First ends
- May 2050
New loan
New conventional
$3,950/mo
+$2,126/mo- Down payment
- $53,309
- Funds due
- $64,161
- Interest + MI left
- $715,257
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,691 | $237,691 | $471,691 |
| Second mortgage | — | $234,000 | — |
| First P&I | $1,233.89 | $1,233.89 | $3,265.89 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | — | — | $94.34 |
| Taxes, insurance & HOA | $589.58 | $589.58 | $589.58 |
| Total housing payment | $1,823.47 | $3,499.88 | $3,949.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,309
Closing costs & prepaids$14,570
Usable credit−$0
Total buyer cash needed$67,879
Earnest money paid−$0
Remaining funds due$67,879
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,188.45
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)$1,118.75
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$45.19
Prepaid interest, second (2 days)$99.37
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 closing23 yr 6 moOf the original 30-year loan at 3.470%
Interest already paid$58,126Through Nov 2026
Assumption only · ends May 2050$110,265
Assumption + second · ends May 2050, second Dec 2056$479,771
New conventional · ends Dec 2056$715,257