Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,649/mo
Lowest payment- Down payment
- $260,597
- Funds due
- $276,394
- Interest + MI left
- $158,460
- First ends
- Nov 2050
Assumption
Assumption + second
$4,080/mo
+$1,431/mo- Down payment
- $65,597
- Funds due
- $82,857
- Interest + MI left
- $478,563
- First ends
- Nov 2050
New loan
New conventional
$4,816/mo
+$2,167/mo- Down payment
- $65,597
- Funds due
- $78,411
- Interest + MI left
- $854,494
- 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 | $584,403 |
| Second mortgage | — | $195,000 | — |
| First P&I | $1,908.93 | $1,908.93 | $3,958.95 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | — | — | $116.88 |
| Taxes, insurance & HOA | $740.00 | $740.00 | $740.00 |
| Total housing payment | $2,648.93 | $4,079.77 | $4,815.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,597
Closing costs & prepaids$17,260
Usable credit−$0
Total buyer cash needed$82,857
Earnest money paid−$0
Remaining funds due$82,857
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
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)$1,657.50
Initial HOA (3 months)$62.49
Prepaid interest, first (5 days)$161.63
Prepaid interest, second (5 days)$213.70
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$478,563
New conventional · ends Jan 2057$854,494