Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,681/mo
Lowest payment- Down payment
- $334,881
- Funds due
- $348,052
- Interest + MI left
- $97,650
- First ends
- Mar 2050
Assumption
Assumption + second
$3,694/mo
+$2,013/mo- Down payment
- $53,881
- Funds due
- $68,361
- Interest + MI left
- $541,373
- First ends
- Mar 2050
New loan
New conventional
$4,027/mo
+$2,346/mo- Down payment
- $53,881
- Funds due
- $64,820
- Interest + MI left
- $721,971
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,119 | $195,119 | $476,119 |
| Second mortgage | — | $281,000 | — |
| First P&I | $1,045.60 | $1,045.60 | $3,296.55 |
| Second P&I | — | $2,013.12 | — |
| Mortgage insurance | — | — | $95.22 |
| Taxes, insurance & HOA | $635.58 | $635.58 | $635.58 |
| Total housing payment | $1,681.19 | $3,694.31 | $4,027.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,881
Closing costs & prepaids$14,480
Usable credit−$0
Total buyer cash needed$68,361
Earnest money paid−$0
Remaining funds due$68,361
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$975.59
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)$1,202.75
Initial HOA (3 months)$204.00
Prepaid interest, first (1 days)$19.99
Prepaid interest, second (1 days)$59.66
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 4 moOf the original 30-year loan at 3.740%
Interest already paid$52,714Through Nov 2026
Assumption only · ends Mar 2050$97,650
Assumption + second · ends Mar 2050, second Dec 2056$541,373
New conventional · ends Dec 2056$721,971