Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,703/mo
Lowest payment- Down payment
- $441,481
- Funds due
- $459,997
- Interest + MI left
- $163,606
- First ends
- Nov 2050
Assumption
Assumption + second
$5,253/mo
+$2,550/mo- Down payment
- $85,481
- Funds due
- $105,927
- Interest + MI left
- $725,760
- First ends
- Nov 2050
New loan
New conventional
$6,024/mo
+$3,321/mo- Down payment
- $85,481
- Funds due
- $101,376
- Interest + MI left
- $1,110,542
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,519 | $403,519 | $759,519 |
| Second mortgage | — | $356,000 | — |
| First P&I | $1,976.05 | $1,976.05 | $5,145.25 |
| Second P&I | — | $2,550.43 | — |
| Mortgage insurance | — | — | $151.90 |
| Taxes, insurance & HOA | $726.67 | $726.67 | $726.67 |
| Total housing payment | $2,702.71 | $5,253.14 | $6,023.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,481
Closing costs & prepaids$20,446
Usable credit−$0
Total buyer cash needed$105,927
Earnest money paid−$0
Remaining funds due$105,927
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,017.60
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)$1,014.00
Initial HOA (3 months)$516.00
Prepaid interest, first (9 days)$300.48
Prepaid interest, second (9 days)$680.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.02%
Interest already paid$80,270Through Dec 2026
Assumption only · ends Nov 2050$163,606
Assumption + second · ends Nov 2050, second Jan 2057$725,760
New conventional · ends Jan 2057$1,110,542