Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,392/mo
Lowest payment- Down payment
- $346,135
- Funds due
- $362,638
- Interest + MI left
- $140,536
- First ends
- Dec 2050
Assumption
Assumption + second
$4,355/mo
+$1,963/mo- Down payment
- $72,135
- Funds due
- $89,946
- Interest + MI left
- $573,205
- First ends
- Dec 2050
New loan
New conventional
$5,228/mo
+$2,835/mo- Down payment
- $72,135
- Funds due
- $85,357
- Interest + MI left
- $982,531
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,865 | $373,865 | $647,865 |
| Second mortgage | — | $274,000 | — |
| First P&I | $1,779.93 | $1,779.93 | $4,485.69 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | — | — | $129.57 |
| Taxes, insurance & HOA | $612.42 | $612.42 | $612.42 |
| Total housing payment | $2,392.35 | $4,355.32 | $5,227.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,135
Closing costs & prepaids$17,811
Usable credit−$0
Total buyer cash needed$89,946
Earnest money paid−$0
Remaining funds due$89,946
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,869.33
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)$1,061.25
Initial HOA (3 months)$126.00
Prepaid interest, first (1 days)$28.68
Prepaid interest, second (1 days)$58.18
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 closing24 yr 1 moOf the original 30-year loan at 2.800%
Interest already paid$67,055Through Nov 2026
Assumption only · ends Dec 2050$140,536
Assumption + second · ends Dec 2050, second Dec 2056$573,205
New conventional · ends Dec 2056$982,531