Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,424/mo
Lowest payment- Down payment
- $349,553
- Funds due
- $362,344
- Interest + MI left
- $70,792
- First ends
- Jun 2050
Assumption
Assumption + second
$3,545/mo
+$2,121/mo- Down payment
- $53,553
- Funds due
- $67,657
- Interest + MI left
- $538,201
- First ends
- Jun 2050
New loan
New conventional
$3,928/mo
+$2,505/mo- Down payment
- $53,553
- Funds due
- $64,198
- Interest + MI left
- $721,710
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,947 | $179,947 | $475,947 |
| Second mortgage | — | $296,000 | — |
| First P&I | $886.00 | $886.00 | $3,295.36 |
| Second P&I | — | $2,120.58 | — |
| Mortgage insurance | — | — | $95.19 |
| Taxes, insurance & HOA | $537.92 | $537.92 | $537.92 |
| Total housing payment | $1,423.92 | $3,544.50 | $3,928.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,553
Closing costs & prepaids$14,104
Usable credit−$0
Total buyer cash needed$67,657
Earnest money paid−$0
Remaining funds due$67,657
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,295.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$899.73
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)$653.25
Initial HOA (3 months)$460.50
Prepaid interest, first (1 days)$14.69
Prepaid interest, second (1 days)$62.85
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 7 moOf the original 29-year loan at 2.980%
Interest already paid$31,261Through Nov 2026
Assumption only · ends Jun 2050$70,792
Assumption + second · ends Jun 2050, second Dec 2056$538,201
New conventional · ends Dec 2056$721,710