Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,038/mo
Lowest payment- Down payment
- $293,120
- Funds due
- $307,435
- Interest + MI left
- $115,909
- First ends
- Nov 2050
Assumption
Assumption + second
$3,722/mo
+$1,684/mo- Down payment
- $58,120
- Funds due
- $74,134
- Interest + MI left
- $486,994
- First ends
- Nov 2050
New loan
New conventional
$4,271/mo
+$2,233/mo- Down payment
- $58,120
- Funds due
- $70,341
- Interest + MI left
- $761,613
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,880 | $285,880 | $520,880 |
| Second mortgage | — | $235,000 | — |
| First P&I | $1,399.96 | $1,399.96 | $3,528.62 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | — | — | $104.18 |
| Taxes, insurance & HOA | $638.25 | $638.25 | $638.25 |
| Total housing payment | $2,038.21 | $3,721.78 | $4,271.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,120
Closing costs & prepaids$16,014
Usable credit−$0
Total buyer cash needed$74,134
Earnest money paid−$0
Remaining funds due$74,134
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,429.40
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)$694.75
Initial HOA (3 months)$720.00
Prepaid interest, first (9 days)$212.88
Prepaid interest, second (9 days)$449.08
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$56,869Through Dec 2026
Assumption only · ends Nov 2050$115,909
Assumption + second · ends Nov 2050, second Jan 2057$486,994
New conventional · ends Jan 2057$761,613