Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,588/mo
Lowest payment- Down payment
- $369,972
- Funds due
- $383,506
- Interest + MI left
- $90,872
- First ends
- Sep 2050
Assumption
Assumption + second
$3,801/mo
+$2,214/mo- Down payment
- $60,972
- Funds due
- $75,822
- Interest + MI left
- $578,809
- First ends
- Sep 2050
New loan
New conventional
$4,306/mo
+$2,718/mo- Down payment
- $60,972
- Funds due
- $72,044
- Interest + MI left
- $817,364
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,028 | $230,028 | $539,028 |
| Second mortgage | — | $309,000 | — |
| First P&I | $1,122.03 | $1,122.03 | $3,732.12 |
| Second P&I | — | $2,213.71 | — |
| Mortgage insurance | — | — | $107.81 |
| Taxes, insurance & HOA | $465.67 | $465.67 | $465.67 |
| Total housing payment | $1,587.69 | $3,801.41 | $4,305.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,972
Closing costs & prepaids$14,849
Usable credit−$0
Total buyer cash needed$75,822
Earnest money paid−$0
Remaining funds due$75,822
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,150.14
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)$552.00
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$18.65
Prepaid interest, second (1 days)$65.61
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 2.960%
Interest already paid$45,558Through Nov 2026
Assumption only · ends Sep 2050$90,872
Assumption + second · ends Sep 2050, second Dec 2056$578,809
New conventional · ends Dec 2056$817,364