Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,032/mo
Lowest payment- Down payment
- $492,231
- Funds due
- $508,904
- Interest + MI left
- $103,283
- First ends
- Aug 2050
Assumption
Assumption + second
$5,020/mo
+$2,987/mo- Down payment
- $75,231
- Funds due
- $93,242
- Interest + MI left
- $761,761
- First ends
- Aug 2050
New loan
New conventional
$5,572/mo
+$3,540/mo- Down payment
- $75,231
- Funds due
- $89,186
- Interest + MI left
- $1,023,151
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,649 | $257,649 | $674,649 |
| Second mortgage | — | $417,000 | — |
| First P&I | $1,266.43 | $1,266.43 | $4,671.13 |
| Second P&I | — | $2,987.44 | — |
| Mortgage insurance | — | — | $134.93 |
| Taxes, insurance & HOA | $765.67 | $765.67 | $765.67 |
| Total housing payment | $2,032.10 | $5,019.54 | $5,571.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,231
Closing costs & prepaids$18,012
Usable credit−$0
Total buyer cash needed$93,242
Earnest money paid−$0
Remaining funds due$93,242
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,498.80
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,288.25
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,209.00
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$21.25
Prepaid interest, second (1 days)$88.54
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 9 moOf the original 30-year loan at 3.010%
Interest already paid$52,632Through Nov 2026
Assumption only · ends Aug 2050$103,283
Assumption + second · ends Aug 2050, second Dec 2056$761,761
New conventional · ends Dec 2056$1,023,151