Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,517/mo
Lowest payment- Down payment
- $420,859
- Funds due
- $438,358
- Interest + MI left
- $147,803
- First ends
- Sep 2050
Assumption
Assumption + second
$4,960/mo
+$2,443/mo- Down payment
- $79,859
- Funds due
- $98,753
- Interest + MI left
- $686,271
- First ends
- Sep 2050
New loan
New conventional
$5,766/mo
+$3,250/mo- Down payment
- $79,859
- Funds due
- $94,151
- Interest + MI left
- $1,076,076
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,641 | $368,641 | $709,641 |
| Second mortgage | — | $341,000 | — |
| First P&I | $1,805.75 | $1,805.75 | $4,913.41 |
| Second P&I | — | $2,442.97 | — |
| Mortgage insurance | — | — | $141.93 |
| Taxes, insurance & HOA | $710.83 | $710.83 | $710.83 |
| Total housing payment | $2,516.58 | $4,959.55 | $5,766.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,859
Closing costs & prepaids$18,894
Usable credit−$0
Total buyer cash needed$98,753
Earnest money paid−$0
Remaining funds due$98,753
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,895.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,843.21
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)$1,345.00
Initial HOA (3 months)$137.49
Prepaid interest, first (2 days)$60.60
Prepaid interest, second (2 days)$144.81
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 10 moOf the original 30-year loan at 3.000%
Interest already paid$73,962Through Nov 2026
Assumption only · ends Sep 2050$147,803
Assumption + second · ends Sep 2050, second Dec 2056$686,271
New conventional · ends Dec 2056$1,076,076