Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,473/mo
Lowest payment- Down payment
- $451,927
- Funds due
- $465,988
- Interest + MI left
- $86,160
- First ends
- Dec 2050
Assumption
Assumption + second
$4,224/mo
+$2,751/mo- Down payment
- $67,927
- Funds due
- $83,319
- Interest + MI left
- $692,529
- First ends
- Dec 2050
New loan
New conventional
$4,728/mo
+$3,255/mo- Down payment
- $67,927
- Funds due
- $79,505
- Interest + MI left
- $920,667
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,073 | $223,073 | $607,073 |
| Second mortgage | — | $384,000 | — |
| First P&I | $1,070.01 | $1,070.01 | $4,203.25 |
| Second P&I | — | $2,751.02 | — |
| Mortgage insurance | — | — | $121.41 |
| Taxes, insurance & HOA | $403.17 | $403.17 | $403.17 |
| Total housing payment | $1,473.18 | $4,224.20 | $4,727.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,927
Closing costs & prepaids$15,392
Usable credit−$0
Total buyer cash needed$83,319
Earnest money paid−$0
Remaining funds due$83,319
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,115.36
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)$500.50
Initial HOA (3 months)$209.01
Prepaid interest, first (1 days)$17.54
Prepaid interest, second (1 days)$81.53
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 2.870%
Interest already paid$40,977Through Nov 2026
Assumption only · ends Dec 2050$86,160
Assumption + second · ends Dec 2050, second Dec 2056$692,529
New conventional · ends Dec 2056$920,667