Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,699/mo
Lowest payment- Down payment
- $391,437
- Funds due
- $408,950
- Interest + MI left
- $169,962
- First ends
- May 2050
Assumption
Assumption + second
$4,941/mo
+$2,242/mo- Down payment
- $78,437
- Funds due
- $97,333
- Interest + MI left
- $664,215
- First ends
- May 2050
New loan
New conventional
$5,698/mo
+$2,999/mo- Down payment
- $78,437
- Funds due
- $92,668
- Interest + MI left
- $1,056,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,563 | $383,563 | $696,563 |
| Second mortgage | — | $313,000 | — |
| First P&I | $1,962.85 | $1,962.85 | $4,822.86 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | — | — | $139.31 |
| Taxes, insurance & HOA | $735.83 | $735.83 | $735.83 |
| Total housing payment | $2,698.69 | $4,941.06 | $5,698.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,437
Closing costs & prepaids$18,896
Usable credit−$0
Total buyer cash needed$97,333
Earnest money paid−$0
Remaining funds due$97,333
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,917.82
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)$1,119.50
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$69.99
Prepaid interest, second (2 days)$132.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 3.330%
Interest already paid$90,166Through Nov 2026
Assumption only · ends May 2050$169,962
Assumption + second · ends May 2050, second Dec 2056$664,215
New conventional · ends Dec 2056$1,056,245