Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,250/mo
Lowest payment- Down payment
- $355,282
- Funds due
- $370,779
- Interest + MI left
- $134,128
- First ends
- Dec 2050
Assumption
Assumption + second
$4,292/mo
+$2,042/mo- Down payment
- $70,282
- Funds due
- $87,090
- Interest + MI left
- $584,167
- First ends
- Dec 2050
New loan
New conventional
$5,079/mo
+$2,829/mo- Down payment
- $70,282
- Funds due
- $82,661
- Interest + MI left
- $954,858
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,618 | $344,618 | $629,618 |
| Second mortgage | — | $285,000 | — |
| First P&I | $1,656.56 | $1,656.56 | $4,359.35 |
| Second P&I | — | $2,041.77 | — |
| Mortgage insurance | — | — | $125.92 |
| Taxes, insurance & HOA | $593.25 | $593.25 | $593.25 |
| Total housing payment | $2,249.81 | $4,291.58 | $5,078.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,282
Closing costs & prepaids$16,808
Usable credit−$0
Total buyer cash needed$87,090
Earnest money paid−$0
Remaining funds due$87,090
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,723.09
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)$883.75
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$27.29
Prepaid interest, second (1 days)$60.51
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$63,730Through Nov 2026
Assumption only · ends Dec 2050$134,128
Assumption + second · ends Dec 2050, second Dec 2056$584,167
New conventional · ends Dec 2056$954,858