Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,747/mo
Lowest payment- Down payment
- $289,567
- Funds due
- $306,615
- Interest + MI left
- $160,201
- First ends
- Oct 2050
Assumption
Assumption + second
$4,301/mo
+$1,555/mo- Down payment
- $72,567
- Funds due
- $90,957
- Interest + MI left
- $502,862
- First ends
- Oct 2050
New loan
New conventional
$5,297/mo
+$2,551/mo- Down payment
- $72,567
- Funds due
- $86,145
- Interest + MI left
- $980,359
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,433 | $429,433 | $646,433 |
| Second mortgage | — | $217,000 | — |
| First P&I | $2,054.47 | $2,054.47 | $4,475.77 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | — | — | $129.29 |
| Taxes, insurance & HOA | $692.25 | $692.25 | $692.25 |
| Total housing payment | $2,746.73 | $4,301.34 | $5,297.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,567
Closing costs & prepaids$18,390
Usable credit−$0
Total buyer cash needed$90,957
Earnest money paid−$0
Remaining funds due$90,957
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,147.16
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)$1,139.75
Initial HOA (3 months)$287.01
Prepaid interest, first (2 days)$65.89
Prepaid interest, second (2 days)$92.15
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 11 moOf the original 30-year loan at 2.800%
Interest already paid$79,409Through Nov 2026
Assumption only · ends Oct 2050$160,201
Assumption + second · ends Oct 2050, second Dec 2056$502,862
New conventional · ends Dec 2056$980,359