Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,603/mo
Lowest payment- Down payment
- $329,794
- Funds due
- $342,999
- Interest + MI left
- $86,974
- First ends
- Dec 2050
Assumption
Assumption + second
$3,566/mo
+$1,963/mo- Down payment
- $55,794
- Funds due
- $70,307
- Interest + MI left
- $519,643
- First ends
- Dec 2050
New loan
New conventional
$4,060/mo
+$2,457/mo- Down payment
- $55,794
- Funds due
- $66,630
- Interest + MI left
- $749,246
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,106 | $220,106 | $494,106 |
| Second mortgage | — | $274,000 | — |
| First P&I | $1,062.56 | $1,062.56 | $3,421.09 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | — | — | $98.82 |
| Taxes, insurance & HOA | $540.00 | $540.00 | $540.00 |
| Total housing payment | $1,602.57 | $3,565.54 | $4,059.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,794
Closing costs & prepaids$14,513
Usable credit−$0
Total buyer cash needed$70,307
Earnest money paid−$0
Remaining funds due$70,307
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,100.53
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)$584.00
Initial HOA (3 months)$536.01
Prepaid interest, first (1 days)$17.67
Prepaid interest, second (1 days)$58.18
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 2.930%
Interest already paid$41,248Through Nov 2026
Assumption only · ends Dec 2050$86,974
Assumption + second · ends Dec 2050, second Dec 2056$519,643
New conventional · ends Dec 2056$749,246