Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,247/mo
Lowest payment- Down payment
- $230,327
- Funds due
- $244,581
- Interest + MI left
- $146,342
- First ends
- Dec 2050
Assumption
Assumption + second
$3,487/mo
+$1,240/mo- Down payment
- $61,327
- Funds due
- $76,868
- Interest + MI left
- $423,765
- First ends
- Dec 2050
New loan
New conventional
$4,317/mo
+$2,070/mo- Down payment
- $61,327
- Funds due
- $72,382
- Interest + MI left
- $824,256
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,573 | $374,573 | $543,573 |
| Second mortgage | — | $169,000 | — |
| First P&I | $1,802.48 | $1,802.48 | $3,763.59 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $108.71 |
| Taxes, insurance & HOA | $444.75 | $444.75 | $444.75 |
| Total housing payment | $2,247.23 | $3,487.29 | $4,317.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,327
Closing costs & prepaids$15,541
Usable credit−$0
Total buyer cash needed$76,868
Earnest money paid−$0
Remaining funds due$76,868
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,049.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,872.87
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)$577.25
Initial HOA (3 months)$257.01
Prepaid interest, first (1 days)$29.76
Prepaid interest, second (1 days)$37.04
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 2.900%
Interest already paid$69,501Through Nov 2026
Assumption only · ends Dec 2050$146,342
Assumption + second · ends Dec 2050, second Dec 2056$423,765
New conventional · ends Dec 2056$824,256