Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,797/mo
Lowest payment- Down payment
- $324,809
- Funds due
- $338,575
- Interest + MI left
- $119,934
- First ends
- Oct 2050
Assumption
Assumption + second
$3,674/mo
+$1,877/mo- Down payment
- $62,809
- Funds due
- $77,936
- Interest + MI left
- $533,654
- First ends
- Oct 2050
New loan
New conventional
$4,338/mo
+$2,541/mo- Down payment
- $62,809
- Funds due
- $73,832
- Interest + MI left
- $852,600
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,191 | $300,191 | $562,191 |
| Second mortgage | — | $262,000 | — |
| First P&I | $1,463.85 | $1,463.85 | $3,892.50 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | — | — | $112.44 |
| Taxes, insurance & HOA | $332.75 | $332.75 | $332.75 |
| Total housing payment | $1,796.60 | $3,673.60 | $4,337.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,809
Closing costs & prepaids$15,127
Usable credit−$0
Total buyer cash needed$77,936
Earnest money paid−$0
Remaining funds due$77,936
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,500.96
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)$383.25
Initial HOA (3 months)$114.99
Prepaid interest, first (2 days)$49.02
Prepaid interest, second (2 days)$111.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.980%
Interest already paid$58,953Through Nov 2026
Assumption only · ends Oct 2050$119,934
Assumption + second · ends Oct 2050, second Dec 2056$533,654
New conventional · ends Dec 2056$852,600