Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,606/mo
Lowest payment- Down payment
- $210,497
- Funds due
- $225,665
- Interest + MI left
- $158,460
- First ends
- Nov 2050
Assumption
Assumption + second
$3,707/mo
+$1,101/mo- Down payment
- $60,497
- Funds due
- $77,079
- Interest + MI left
- $404,693
- First ends
- Nov 2050
New loan
New conventional
$4,459/mo
+$1,853/mo- Down payment
- $60,497
- Funds due
- $72,689
- Interest + MI left
- $788,696
- 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 | $539,403 |
| Second mortgage | — | $150,000 | — |
| First P&I | $1,908.93 | $1,908.93 | $3,654.10 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | — | — | $107.88 |
| Taxes, insurance & HOA | $697.41 | $697.41 | $697.41 |
| Total housing payment | $2,606.34 | $3,706.99 | $4,459.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,497
Closing costs & prepaids$16,582
Usable credit−$0
Total buyer cash needed$77,079
Earnest money paid−$0
Remaining funds due$77,079
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
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)$1,529.75
Initial HOA (3 months)$62.49
Prepaid interest, first (5 days)$161.63
Prepaid interest, second (5 days)$164.38
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$404,693
New conventional · ends Jan 2057$788,696