Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,937/mo
Lowest payment- Down payment
- $401,651
- Funds due
- $416,642
- Interest + MI left
- $116,120
- First ends
- Dec 2050
Assumption
Assumption + second
$4,308/mo
+$2,371/mo- Down payment
- $70,651
- Funds due
- $86,962
- Interest + MI left
- $638,796
- First ends
- Dec 2050
New loan
New conventional
$4,986/mo
+$3,049/mo- Down payment
- $70,651
- Funds due
- $82,754
- Interest + MI left
- $954,450
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,349 | $298,349 | $629,349 |
| Second mortgage | — | $331,000 | — |
| First P&I | $1,434.15 | $1,434.15 | $4,357.49 |
| Second P&I | — | $2,371.32 | — |
| Mortgage insurance | — | — | $125.87 |
| Taxes, insurance & HOA | $502.42 | $502.42 | $502.42 |
| Total housing payment | $1,936.56 | $4,307.89 | $4,985.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,651
Closing costs & prepaids$16,311
Usable credit−$0
Total buyer cash needed$86,962
Earnest money paid−$0
Remaining funds due$86,962
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,491.74
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)$695.25
Initial HOA (3 months)$312.00
Prepaid interest, first (1 days)$23.62
Prepaid interest, second (1 days)$70.28
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 2.890%
Interest already paid$55,173Through Nov 2026
Assumption only · ends Dec 2050$116,120
Assumption + second · ends Dec 2050, second Dec 2056$638,796
New conventional · ends Dec 2056$954,450