Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,855/mo
Lowest payment- Down payment
- $569,585
- Funds due
- $589,673
- Interest + MI left
- $170,077
- First ends
- Dec 2050
Assumption
Assumption + second
$6,215/mo
+$3,360/mo- Down payment
- $100,585
- Funds due
- $122,022
- Interest + MI left
- $910,667
- First ends
- Dec 2050
New loan
New conventional
$7,185/mo
+$4,329/mo- Down payment
- $100,585
- Funds due
- $116,869
- Interest + MI left
- $1,364,023
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $430,415 | $430,415 | $899,415 |
| Second mortgage | — | $469,000 | — |
| First P&I | $2,077.83 | $2,077.83 | $6,227.37 |
| Second P&I | — | $3,359.97 | — |
| Mortgage insurance | — | — | $179.88 |
| Taxes, insurance & HOA | $777.66 | $777.66 | $777.66 |
| Total housing payment | $2,855.49 | $6,215.46 | $7,184.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,585
Closing costs & prepaids$21,437
Usable credit−$0
Total buyer cash needed$122,022
Earnest money paid−$0
Remaining funds due$122,022
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,152.07
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)$1,635.50
Initial HOA (3 months)$47.49
Prepaid interest, first (1 days)$34.55
Prepaid interest, second (1 days)$99.58
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 2.930%
Interest already paid$80,661Through Nov 2026
Assumption only · ends Dec 2050$170,077
Assumption + second · ends Dec 2050, second Dec 2056$910,667
New conventional · ends Dec 2056$1,364,023