Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,897/mo
Lowest payment- Down payment
- $290,044
- Funds due
- $303,495
- Interest + MI left
- $110,923
- First ends
- May 2050
Assumption
Assumption + second
$3,587/mo
+$1,691/mo- Down payment
- $54,044
- Funds due
- $68,795
- Interest + MI left
- $483,587
- First ends
- May 2050
New loan
New conventional
$4,046/mo
+$2,149/mo- Down payment
- $54,044
- Funds due
- $65,032
- Interest + MI left
- $722,786
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,656 | $240,656 | $476,656 |
| Second mortgage | — | $236,000 | — |
| First P&I | $1,246.73 | $1,246.73 | $3,300.27 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $95.33 |
| Taxes, insurance & HOA | $649.92 | $649.92 | $649.92 |
| Total housing payment | $1,896.65 | $3,587.38 | $4,045.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,044
Closing costs & prepaids$14,751
Usable credit−$0
Total buyer cash needed$68,795
Earnest money paid−$0
Remaining funds due$68,795
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,307.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,203.28
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)$939.75
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$22.75
Prepaid interest, second (1 days)$50.11
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 6 moOf the original 30-year loan at 3.450%
Interest already paid$58,526Through Nov 2026
Assumption only · ends May 2050$110,923
Assumption + second · ends May 2050, second Dec 2056$483,587
New conventional · ends Dec 2056$722,786