Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,530/mo
Lowest payment- Down payment
- $346,968
- Funds due
- $364,277
- Interest + MI left
- $125,303
- First ends
- Dec 2050
Assumption
Assumption + second
$4,458/mo
+$1,927/mo- Down payment
- $77,968
- Funds due
- $96,584
- Interest + MI left
- $550,077
- First ends
- Dec 2050
New loan
New conventional
$5,563/mo
+$3,033/mo- Down payment
- $77,968
- Funds due
- $91,703
- Interest + MI left
- $1,049,375
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $423,032 | $423,032 | $692,032 |
| Second mortgage | — | $269,000 | — |
| First P&I | $1,897.35 | $1,897.35 | $4,791.49 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | — | — | $138.41 |
| Taxes, insurance & HOA | $633.08 | $633.08 | $633.08 |
| Total housing payment | $2,530.43 | $4,457.58 | $5,562.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,968
Closing costs & prepaids$18,616
Usable credit−$0
Total buyer cash needed$96,584
Earnest money paid−$0
Remaining funds due$96,584
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,115.16
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)$754.25
Initial HOA (3 months)$495.00
Prepaid interest, first (1 days)$26.08
Prepaid interest, second (1 days)$57.12
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 closing24 yr 1 moOf the original 30-year loan at 2.250%
Interest already paid$61,375Through Nov 2026
Assumption only · ends Dec 2050$125,303
Assumption + second · ends Dec 2050, second Dec 2056$550,077
New conventional · ends Dec 2056$1,049,375