Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,779/mo
Lowest payment- Down payment
- $269,950
- Funds due
- $282,839
- Interest + MI left
- $120,404
- First ends
- Jul 2050
Assumption
Assumption + second
$3,334/mo
+$1,555/mo- Down payment
- $52,950
- Funds due
- $67,135
- Interest + MI left
- $463,065
- First ends
- Jul 2050
New loan
New conventional
$3,820/mo
+$2,041/mo- Down payment
- $52,950
- Funds due
- $63,312
- Interest + MI left
- $715,896
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,050 | $255,050 | $472,050 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,322.02 | $1,322.02 | $3,268.38 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | — | — | $94.41 |
| Taxes, insurance & HOA | $457.00 | $457.00 | $457.00 |
| Total housing payment | $1,779.02 | $3,333.63 | $3,819.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,950
Closing costs & prepaids$14,185
Usable credit−$0
Total buyer cash needed$67,135
Earnest money paid−$0
Remaining funds due$67,135
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,275.25
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)$406.00
Initial HOA (3 months)$465.00
Prepaid interest, first (1 days)$24.46
Prepaid interest, second (1 days)$46.08
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 8 moOf the original 30-year loan at 3.500%
Interest already paid$61,116Through Nov 2026
Assumption only · ends Jul 2050$120,404
Assumption + second · ends Jul 2050, second Dec 2056$463,065
New conventional · ends Dec 2056$715,896