Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,179/mo
Lowest payment- Down payment
- $417,352
- Funds due
- $432,999
- Interest + MI left
- $122,700
- First ends
- May 2050
Assumption
Assumption + second
$4,665/mo
+$2,486/mo- Down payment
- $70,352
- Funds due
- $87,396
- Interest + MI left
- $670,642
- First ends
- May 2050
New loan
New conventional
$5,220/mo
+$3,041/mo- Down payment
- $70,352
- Funds due
- $83,303
- Interest + MI left
- $951,870
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,648 | $280,648 | $627,648 |
| Second mortgage | — | $347,000 | — |
| First P&I | $1,430.31 | $1,430.31 | $4,345.71 |
| Second P&I | — | $2,485.95 | — |
| Mortgage insurance | — | — | $125.53 |
| Taxes, insurance & HOA | $748.33 | $748.33 | $748.33 |
| Total housing payment | $2,178.65 | $4,664.60 | $5,219.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,352
Closing costs & prepaids$17,044
Usable credit−$0
Total buyer cash needed$87,396
Earnest money paid−$0
Remaining funds due$87,396
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,403.24
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)$1,745.00
Prepaid interest, first (2 days)$50.59
Prepaid interest, second (2 days)$147.36
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 6 moOf the original 30-year loan at 3.290%
Interest already paid$65,213Through Nov 2026
Assumption only · ends May 2050$122,700
Assumption + second · ends May 2050, second Dec 2056$670,642
New conventional · ends Dec 2056$951,870