Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,430/mo
Lowest payment- Down payment
- $440,326
- Funds due
- $454,069
- Interest + MI left
- $84,971
- First ends
- Oct 2050
Assumption
Assumption + second
$4,117/mo
+$2,687/mo- Down payment
- $65,326
- Funds due
- $80,399
- Interest + MI left
- $677,128
- First ends
- Oct 2050
New loan
New conventional
$4,568/mo
+$3,138/mo- Down payment
- $65,326
- Funds due
- $76,677
- Interest + MI left
- $886,546
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,574 | $209,574 | $584,574 |
| Second mortgage | — | $375,000 | — |
| First P&I | $1,026.29 | $1,026.29 | $4,047.47 |
| Second P&I | — | $2,686.55 | — |
| Mortgage insurance | — | — | $116.91 |
| Taxes, insurance & HOA | $403.75 | $403.75 | $403.75 |
| Total housing payment | $1,430.04 | $4,116.59 | $4,568.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,326
Closing costs & prepaids$15,073
Usable credit−$0
Total buyer cash needed$80,399
Earnest money paid−$0
Remaining funds due$80,399
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,047.87
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)$621.25
Initial HOA (3 months)$90.00
Prepaid interest, first (1 days)$17.34
Prepaid interest, second (1 days)$79.62
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$41,690Through Nov 2026
Assumption only · ends Oct 2050$84,971
Assumption + second · ends Oct 2050, second Dec 2056$677,128
New conventional · ends Dec 2056$886,546