Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,731/mo
Lowest payment- Down payment
- $399,111
- Funds due
- $416,865
- Interest + MI left
- $179,230
- First ends
- Sep 2050
Assumption
Assumption + second
$5,017/mo
+$2,285/mo- Down payment
- $80,111
- Funds due
- $99,250
- Interest + MI left
- $682,958
- First ends
- Sep 2050
New loan
New conventional
$5,831/mo
+$3,100/mo- Down payment
- $80,111
- Funds due
- $94,486
- Interest + MI left
- $1,091,759
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,888 | $400,888 | $719,888 |
| Second mortgage | — | $319,000 | — |
| First P&I | $2,028.38 | $2,028.38 | $4,984.36 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | — | — | $143.98 |
| Taxes, insurance & HOA | $702.92 | $702.92 | $702.92 |
| Total housing payment | $2,731.30 | $5,016.66 | $5,831.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,111
Closing costs & prepaids$19,139
Usable credit−$0
Total buyer cash needed$99,250
Earnest money paid−$0
Remaining funds due$99,250
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,004.44
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)$1,233.75
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$72.71
Prepaid interest, second (2 days)$135.47
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 3.310%
Interest already paid$88,422Through Nov 2026
Assumption only · ends Sep 2050$179,230
Assumption + second · ends Sep 2050, second Dec 2056$682,958
New conventional · ends Dec 2056$1,091,759