Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,656/mo
Lowest payment- Down payment
- $399,102
- Funds due
- $416,595
- Interest + MI left
- $179,230
- First ends
- Sep 2050
Assumption
Assumption + second
$4,942/mo
+$2,285/mo- Down payment
- $80,102
- Funds due
- $98,912
- Interest + MI left
- $682,958
- First ends
- Sep 2050
New loan
New conventional
$5,756/mo
+$3,100/mo- Down payment
- $80,102
- Funds due
- $94,106
- Interest + MI left
- $1,091,759
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,888 | $400,888 | $719,888 |
| Second mortgage | — | $319,000 | — |
| First P&I | $2,028.38 | $2,028.38 | $4,984.36 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | — | — | $143.98 |
| Taxes, insurance & HOA | $628.00 | $628.00 | $628.00 |
| Total housing payment | $2,656.38 | $4,941.74 | $5,756.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,102
Closing costs & prepaids$18,810
Usable credit−$0
Total buyer cash needed$98,912
Earnest money paid−$0
Remaining funds due$98,912
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,004.44
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,234.00
Prepaid interest, first (1 days)$36.35
Prepaid interest, second (1 days)$67.73
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 10 moOf the original 30-year loan at 3.310%
Interest already paid$88,422Through Nov 2026
Assumption only · ends Sep 2050$179,230
Assumption + second · ends Sep 2050, second Dec 2056$682,958
New conventional · ends Dec 2056$1,091,759