Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,839/mo
Lowest payment- Down payment
- $379,939
- Funds due
- $394,364
- Interest + MI left
- $82,536
- First ends
- Dec 2050
Assumption
Assumption + second
$4,132/mo
+$2,293/mo- Down payment
- $59,939
- Funds due
- $75,682
- Interest + MI left
- $587,843
- First ends
- Dec 2050
New loan
New conventional
$4,610/mo
+$2,771/mo- Down payment
- $59,939
- Funds due
- $72,002
- Interest + MI left
- $806,800
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,061 | $212,061 | $532,061 |
| Second mortgage | — | $320,000 | — |
| First P&I | $1,019.37 | $1,019.37 | $3,683.88 |
| Second P&I | — | $2,292.52 | — |
| Mortgage insurance | — | — | $106.41 |
| Taxes, insurance & HOA | $819.91 | $819.91 | $819.91 |
| Total housing payment | $1,839.28 | $4,131.80 | $4,610.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,939
Closing costs & prepaids$15,743
Usable credit−$0
Total buyer cash needed$75,682
Earnest money paid−$0
Remaining funds due$75,682
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,920.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,060.31
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)$711.50
Initial HOA (3 months)$1,248.24
Prepaid interest, first (1 days)$16.79
Prepaid interest, second (1 days)$67.95
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$39,216Through Nov 2026
Assumption only · ends Dec 2050$82,536
Assumption + second · ends Dec 2050, second Dec 2056$587,843
New conventional · ends Dec 2056$806,800