Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,801/mo
Lowest payment- Down payment
- $360,110
- Funds due
- $374,141
- Interest + MI left
- $110,846
- First ends
- May 2050
Assumption
Assumption + second
$3,950/mo
+$2,149/mo- Down payment
- $60,110
- Funds due
- $75,964
- Interest + MI left
- $584,571
- First ends
- May 2050
New loan
New conventional
$4,318/mo
+$2,517/mo- Down payment
- $60,110
- Funds due
- $72,298
- Interest + MI left
- $789,407
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,889 | $239,889 | $539,889 |
| Second mortgage | — | $300,000 | — |
| First P&I | $1,248.17 | $1,248.17 | $3,657.40 |
| Second P&I | — | $2,149.24 | — |
| Mortgage insurance | — | — | $107.98 |
| Taxes, insurance & HOA | $552.67 | $552.67 | $552.67 |
| Total housing payment | $1,800.83 | $3,950.07 | $4,318.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,110
Closing costs & prepaids$15,854
Usable credit−$0
Total buyer cash needed$75,964
Earnest money paid−$0
Remaining funds due$75,964
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,199.44
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)$720.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$205.25
Prepaid interest, second (9 days)$573.29
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$59,494Through Dec 2026
Assumption only · ends May 2050$110,846
Assumption + second · ends May 2050, second Jan 2057$584,571
New conventional · ends Jan 2057$789,407