Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,024/mo
Lowest payment- Down payment
- $434,185
- Funds due
- $453,408
- Interest + MI left
- $174,176
- First ends
- Nov 2050
Assumption
Assumption + second
$5,502/mo
+$2,479/mo- Down payment
- $88,185
- Funds due
- $108,731
- Interest + MI left
- $720,540
- First ends
- Nov 2050
New loan
New conventional
$6,493/mo
+$3,470/mo- Down payment
- $88,185
- Funds due
- $103,652
- Interest + MI left
- $1,193,258
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,815 | $440,815 | $786,815 |
| Second mortgage | — | $346,000 | — |
| First P&I | $2,135.39 | $2,135.39 | $5,447.75 |
| Second P&I | — | $2,478.79 | — |
| Mortgage insurance | — | — | $157.36 |
| Taxes, insurance & HOA | $888.25 | $888.25 | $888.25 |
| Total housing payment | $3,023.64 | $5,502.42 | $6,493.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,185
Closing costs & prepaids$20,546
Usable credit−$0
Total buyer cash needed$108,731
Earnest money paid−$0
Remaining funds due$108,731
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,204.07
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)$1,144.75
Initial HOA (3 months)$870.00
Prepaid interest, first (1 days)$35.51
Prepaid interest, second (1 days)$73.47
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 yrOf the original 30-year loan at 2.940%
Interest already paid$84,162Through Nov 2026
Assumption only · ends Nov 2050$174,176
Assumption + second · ends Nov 2050, second Dec 2056$720,540
New conventional · ends Dec 2056$1,193,258