Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,893/mo
Lowest payment- Down payment
- $450,204
- Funds due
- $466,176
- Interest + MI left
- $112,707
- First ends
- Nov 2050
Assumption
Assumption + second
$4,580/mo
+$2,687/mo- Down payment
- $75,204
- Funds due
- $92,506
- Interest + MI left
- $704,863
- First ends
- Nov 2050
New loan
New conventional
$5,268/mo
+$3,375/mo- Down payment
- $75,204
- Funds due
- $88,246
- Interest + MI left
- $1,023,374
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,796 | $299,796 | $674,796 |
| Second mortgage | — | $375,000 | — |
| First P&I | $1,432.30 | $1,432.30 | $4,672.15 |
| Second P&I | — | $2,686.55 | — |
| Mortgage insurance | — | — | $134.96 |
| Taxes, insurance & HOA | $460.75 | $460.75 | $460.75 |
| Total housing payment | $1,893.06 | $4,579.60 | $5,267.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,204
Closing costs & prepaids$17,302
Usable credit−$0
Total buyer cash needed$92,506
Earnest money paid−$0
Remaining funds due$92,506
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,498.98
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$701.00
Initial HOA (3 months)$31.26
Prepaid interest, first (1 days)$23.08
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 closing24 yrOf the original 30-year loan at 2.810%
Interest already paid$54,791Through Nov 2026
Assumption only · ends Nov 2050$112,707
Assumption + second · ends Nov 2050, second Dec 2056$704,863
New conventional · ends Dec 2056$1,023,374