Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,691/mo
Lowest payment- Down payment
- $310,497
- Funds due
- $326,920
- Interest + MI left
- $158,460
- First ends
- Nov 2050
Assumption
Assumption + second
$4,411/mo
+$1,719/mo- Down payment
- $70,497
- Funds due
- $88,425
- Interest + MI left
- $537,440
- First ends
- Nov 2050
New loan
New conventional
$5,172/mo
+$2,481/mo- Down payment
- $70,497
- Funds due
- $83,932
- Interest + MI left
- $920,291
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,403 | $389,403 | $629,403 |
| Second mortgage | — | $240,000 | — |
| First P&I | $1,908.93 | $1,908.93 | $4,263.80 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | — | — | $125.88 |
| Taxes, insurance & HOA | $782.41 | $782.41 | $782.41 |
| Total housing payment | $2,691.34 | $4,410.73 | $5,172.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,497
Closing costs & prepaids$17,928
Usable credit−$0
Total buyer cash needed$88,425
Earnest money paid−$0
Remaining funds due$88,425
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,947.01
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)$1,784.75
Initial HOA (3 months)$62.49
Prepaid interest, first (5 days)$161.63
Prepaid interest, second (5 days)$254.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.03%
Interest already paid$77,710Through Dec 2026
Assumption only · ends Nov 2050$158,460
Assumption + second · ends Nov 2050, second Jan 2057$537,440
New conventional · ends Jan 2057$920,291