Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,441/mo
Lowest payment- Down payment
- $303,022
- Funds due
- $318,484
- Interest + MI left
- $144,533
- First ends
- Oct 2050
Assumption
Assumption + second
$4,139/mo
+$1,698/mo- Down payment
- $66,022
- Funds due
- $82,784
- Interest + MI left
- $518,776
- First ends
- Oct 2050
New loan
New conventional
$4,923/mo
+$2,482/mo- Down payment
- $66,022
- Funds due
- $78,339
- Interest + MI left
- $900,049
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,478 | $356,478 | $593,478 |
| Second mortgage | — | $237,000 | — |
| First P&I | $1,745.68 | $1,745.68 | $4,109.12 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $118.70 |
| Taxes, insurance & HOA | $695.67 | $695.67 | $695.67 |
| Total housing payment | $2,441.35 | $4,139.25 | $4,923.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,022
Closing costs & prepaids$16,762
Usable credit−$0
Total buyer cash needed$82,784
Earnest money paid−$0
Remaining funds due$82,784
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,595.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,782.39
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)$747.00
Initial HOA (3 months)$840.00
Prepaid interest, first (1 days)$29.49
Prepaid interest, second (1 days)$50.32
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 closing23 yr 11 moOf the original 30-year loan at 3.020%
Interest already paid$70,913Through Nov 2026
Assumption only · ends Oct 2050$144,533
Assumption + second · ends Oct 2050, second Dec 2056$518,776
New conventional · ends Dec 2056$900,049