Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,209/mo
Lowest payment- Down payment
- $202,457
- Funds due
- $216,385
- Interest + MI left
- $138,941
- First ends
- Dec 2050
Assumption
Assumption + second
$3,266/mo
+$1,057/mo- Down payment
- $58,457
- Funds due
- $73,666
- Interest + MI left
- $375,324
- First ends
- Dec 2050
New loan
New conventional
$4,119/mo
+$1,910/mo- Down payment
- $58,457
- Funds due
- $69,220
- Interest + MI left
- $783,269
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,543 | $372,543 | $516,543 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,769.84 | $1,769.84 | $3,576.44 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $103.31 |
| Taxes, insurance & HOA | $439.42 | $439.42 | $439.42 |
| Total housing payment | $2,209.26 | $3,265.88 | $4,119.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,457
Closing costs & prepaids$15,209
Usable credit−$0
Total buyer cash needed$73,666
Earnest money paid−$0
Remaining funds due$73,666
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,862.71
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)$443.25
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$28.37
Prepaid interest, second (1 days)$31.56
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 2.780%
Interest already paid$66,356Through Nov 2026
Assumption only · ends Dec 2050$138,941
Assumption + second · ends Dec 2050, second Dec 2056$375,324
New conventional · ends Dec 2056$783,269