Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,002/mo
Lowest payment- Down payment
- $327,576
- Funds due
- $345,710
- Interest + MI left
- $181,395
- First ends
- Oct 2050
Assumption
Assumption + second
$4,771/mo
+$1,770/mo- Down payment
- $80,576
- Funds due
- $100,012
- Interest + MI left
- $571,429
- First ends
- Oct 2050
New loan
New conventional
$5,845/mo
+$2,843/mo- Down payment
- $80,576
- Funds due
- $94,863
- Interest + MI left
- $1,089,538
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $471,424 | $471,424 | $718,424 |
| Second mortgage | — | $247,000 | — |
| First P&I | $2,274.63 | $2,274.63 | $4,974.22 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | — | — | $143.68 |
| Taxes, insurance & HOA | $727.25 | $727.25 | $727.25 |
| Total housing payment | $3,001.88 | $4,771.42 | $5,845.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,576
Closing costs & prepaids$19,437
Usable credit−$0
Total buyer cash needed$100,012
Earnest money paid−$0
Remaining funds due$100,012
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,357.12
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)$1,010.75
Initial HOA (3 months)$521.01
Prepaid interest, first (1 days)$37.20
Prepaid interest, second (1 days)$52.45
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$89,579Through Nov 2026
Assumption only · ends Oct 2050$181,395
Assumption + second · ends Oct 2050, second Dec 2056$571,429
New conventional · ends Dec 2056$1,089,538