Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,488/mo
Lowest payment- Down payment
- $278,365
- Funds due
- $293,155
- Interest + MI left
- $177,859
- First ends
- Oct 2049
Assumption
Assumption + second
$4,021/mo
+$1,533/mo- Down payment
- $64,365
- Funds due
- $80,451
- Interest + MI left
- $515,783
- First ends
- Oct 2049
New loan
New conventional
$4,626/mo
+$2,139/mo- Down payment
- $64,365
- Funds due
- $75,990
- Interest + MI left
- $872,838
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,535 | $361,535 | $575,535 |
| Second mortgage | — | $214,000 | — |
| First P&I | $1,961.43 | $1,961.43 | $3,984.89 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | — | — | $115.11 |
| Taxes, insurance & HOA | $526.08 | $526.08 | $526.08 |
| Total housing payment | $2,487.52 | $4,020.64 | $4,626.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,365
Closing costs & prepaids$16,086
Usable credit−$0
Total buyer cash needed$80,451
Earnest money paid−$0
Remaining funds due$80,451
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,807.67
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)$739.25
Initial HOA (3 months)$339.00
Prepaid interest, first (1 days)$37.14
Prepaid interest, second (1 days)$45.44
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 closing22 yr 11 moOf the original 30-year loan at 3.750%
Interest already paid$104,727Through Nov 2026
Assumption only · ends Oct 2049$177,859
Assumption + second · ends Oct 2049, second Dec 2056$515,783
New conventional · ends Dec 2056$872,838