Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,427/mo
Lowest payment- Down payment
- $355,793
- Funds due
- $368,720
- Interest + MI left
- $79,780
- First ends
- Nov 2050
Assumption
Assumption + second
$3,569/mo
+$2,142/mo- Down payment
- $56,793
- Funds due
- $71,034
- Interest + MI left
- $551,927
- First ends
- Nov 2050
New loan
New conventional
$4,025/mo
+$2,599/mo- Down payment
- $56,793
- Funds due
- $67,424
- Interest + MI left
- $763,047
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,207 | $204,207 | $503,207 |
| Second mortgage | — | $299,000 | — |
| First P&I | $986.07 | $986.07 | $3,484.10 |
| Second P&I | — | $2,142.07 | — |
| Mortgage insurance | — | — | $100.64 |
| Taxes, insurance & HOA | $440.67 | $440.67 | $440.67 |
| Total housing payment | $1,426.73 | $3,568.81 | $4,025.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,793
Closing costs & prepaids$14,241
Usable credit−$0
Total buyer cash needed$71,034
Earnest money paid−$0
Remaining funds due$71,034
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,021.03
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)$480.00
Initial HOA (3 months)$342.00
Prepaid interest, first (1 days)$16.28
Prepaid interest, second (1 days)$63.49
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 yrOf the original 30-year loan at 2.910%
Interest already paid$38,604Through Nov 2026
Assumption only · ends Nov 2050$79,780
Assumption + second · ends Nov 2050, second Dec 2056$551,927
New conventional · ends Dec 2056$763,047