Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,973/mo
Lowest payment- Down payment
- $208,133
- Funds due
- $224,395
- Interest + MI left
- $175,259
- First ends
- Dec 2050
Assumption
Assumption + second
$4,023/mo
+$1,049/mo- Down payment
- $65,133
- Funds due
- $82,708
- Interest + MI left
- $410,001
- First ends
- Dec 2050
New loan
New conventional
$5,005/mo
+$2,031/mo- Down payment
- $65,133
- Funds due
- $77,908
- Interest + MI left
- $886,990
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $441,867 | $441,867 | $584,867 |
| Second mortgage | — | $143,000 | — |
| First P&I | $2,135.39 | $2,135.39 | $4,049.50 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | — | — | $116.97 |
| Taxes, insurance & HOA | $838.09 | $838.09 | $838.09 |
| Total housing payment | $2,973.47 | $4,022.76 | $5,004.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,133
Closing costs & prepaids$17,575
Usable credit−$0
Total buyer cash needed$82,708
Earnest money paid−$0
Remaining funds due$82,708
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,209.34
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)$1,889.25
Initial HOA (3 months)$125.01
Prepaid interest, first (2 days)$71.18
Prepaid interest, second (2 days)$62.68
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 yr 1 moOf the original 30-year loan at 2.940%
Interest already paid$83,080Through Nov 2026
Assumption only · ends Dec 2050$175,259
Assumption + second · ends Dec 2050, second Dec 2056$410,001
New conventional · ends Dec 2056$886,990