Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,689/mo
Lowest payment- Down payment
- $331,034
- Funds due
- $348,280
- Interest + MI left
- $165,050
- First ends
- Dec 2050
Assumption
Assumption + second
$4,515/mo
+$1,827/mo- Down payment
- $76,034
- Funds due
- $94,584
- Interest + MI left
- $567,717
- First ends
- Dec 2050
New loan
New conventional
$5,506/mo
+$2,817/mo- Down payment
- $76,034
- Funds due
- $89,687
- Interest + MI left
- $1,037,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,966 | $428,966 | $683,966 |
| Second mortgage | — | $255,000 | — |
| First P&I | $2,055.42 | $2,055.42 | $4,735.64 |
| Second P&I | — | $1,826.85 | — |
| Mortgage insurance | — | — | $136.79 |
| Taxes, insurance & HOA | $633.08 | $633.08 | $633.08 |
| Total housing payment | $2,688.50 | $4,515.35 | $5,505.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,034
Closing costs & prepaids$18,550
Usable credit−$0
Total buyer cash needed$94,584
Earnest money paid−$0
Remaining funds due$94,584
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,144.83
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)$33.61
Prepaid interest, second (1 days)$54.14
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 2.860%
Interest already paid$78,532Through Nov 2026
Assumption only · ends Dec 2050$165,050
Assumption + second · ends Dec 2050, second Dec 2056$567,717
New conventional · ends Dec 2056$1,037,280