Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,101/mo
Lowest payment- Down payment
- $515,296
- Funds due
- $532,499
- Interest + MI left
- $112,296
- First ends
- Nov 2050
Assumption
Assumption + second
$5,217/mo
+$3,116/mo- Down payment
- $80,296
- Funds due
- $98,933
- Interest + MI left
- $799,197
- First ends
- Nov 2050
New loan
New conventional
$5,848/mo
+$3,747/mo- Down payment
- $80,296
- Funds due
- $94,727
- Interest + MI left
- $1,090,721
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,204 | $284,204 | $719,204 |
| Second mortgage | — | $435,000 | — |
| First P&I | $1,376.73 | $1,376.73 | $4,979.62 |
| Second P&I | — | $3,116.39 | — |
| Mortgage insurance | — | — | $143.84 |
| Taxes, insurance & HOA | $724.17 | $724.17 | $724.17 |
| Total housing payment | $2,100.90 | $5,217.29 | $5,847.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,296
Closing costs & prepaids$18,637
Usable credit−$0
Total buyer cash needed$98,933
Earnest money paid−$0
Remaining funds due$98,933
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,995.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,421.02
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)$1,447.50
Initial HOA (3 months)$75.00
Prepaid interest, first (2 days)$45.78
Prepaid interest, second (2 days)$184.73
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 yrOf the original 30-year loan at 2.940%
Interest already paid$54,262Through Nov 2026
Assumption only · ends Nov 2050$112,296
Assumption + second · ends Nov 2050, second Dec 2056$799,197
New conventional · ends Dec 2056$1,090,721