Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,730/mo
Lowest payment- Down payment
- $227,964
- Funds due
- $240,564
- Interest + MI left
- $104,289
- First ends
- Oct 2050
Assumption
Assumption + second
$3,036/mo
+$1,306/mo- Down payment
- $49,964
- Funds due
- $63,853
- Interest + MI left
- $396,486
- First ends
- Oct 2050
New loan
New conventional
$3,621/mo
+$1,891/mo- Down payment
- $49,964
- Funds due
- $59,986
- Interest + MI left
- $680,993
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,036 | $271,036 | $449,036 |
| Second mortgage | — | $178,000 | — |
| First P&I | $1,307.75 | $1,307.75 | $3,109.03 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | — | — | $89.81 |
| Taxes, insurance & HOA | $421.75 | $421.75 | $421.75 |
| Total housing payment | $1,729.50 | $3,035.60 | $3,620.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,964
Closing costs & prepaids$13,889
Usable credit−$0
Total buyer cash needed$63,853
Earnest money paid−$0
Remaining funds due$63,853
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,355.18
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)$477.25
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$21.39
Prepaid interest, second (1 days)$39.01
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 closing23 yr 11 moOf the original 30-year loan at 2.880%
Interest already paid$51,502Through Nov 2026
Assumption only · ends Oct 2050$104,289
Assumption + second · ends Oct 2050, second Dec 2056$396,486
New conventional · ends Dec 2056$680,993