Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,656/mo
Lowest payment- Down payment
- $367,263
- Funds due
- $380,975
- Interest + MI left
- $104,117
- First ends
- Oct 2050
Assumption
Assumption + second
$3,833/mo
+$2,178/mo- Down payment
- $63,263
- Funds due
- $78,289
- Interest + MI left
- $584,158
- First ends
- Oct 2050
New loan
New conventional
$4,396/mo
+$2,741/mo- Down payment
- $63,263
- Funds due
- $74,354
- Interest + MI left
- $851,800
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,737 | $257,737 | $561,737 |
| Second mortgage | — | $304,000 | — |
| First P&I | $1,260.82 | $1,260.82 | $3,889.35 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | — | — | $112.35 |
| Taxes, insurance & HOA | $394.75 | $394.75 | $394.75 |
| Total housing payment | $1,655.57 | $3,833.46 | $4,396.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,263
Closing costs & prepaids$15,027
Usable credit−$0
Total buyer cash needed$78,289
Earnest money paid−$0
Remaining funds due$78,289
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,288.69
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)$502.25
Initial HOA (3 months)$182.01
Prepaid interest, first (1 days)$21.25
Prepaid interest, second (1 days)$64.55
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 11 moOf the original 30-year loan at 3.010%
Interest already paid$51,107Through Nov 2026
Assumption only · ends Oct 2050$104,117
Assumption + second · ends Oct 2050, second Dec 2056$584,158
New conventional · ends Dec 2056$851,800