Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,282/mo
Lowest payment- Down payment
- $445,256
- Funds due
- $462,810
- Interest + MI left
- $111,223
- First ends
- Oct 2050
Assumption
Assumption + second
$4,875/mo
+$2,593/mo- Down payment
- $83,256
- Funds due
- $102,521
- Interest + MI left
- $682,851
- First ends
- Oct 2050
New loan
New conventional
$5,739/mo
+$3,457/mo- Down payment
- $83,256
- Funds due
- $98,020
- Interest + MI left
- $1,084,552
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $379,744 | $379,744 | $741,744 |
| Second mortgage | — | $362,000 | — |
| First P&I | $1,716.67 | $1,716.67 | $5,024.83 |
| Second P&I | — | $2,593.41 | — |
| Mortgage insurance | — | — | $148.35 |
| Taxes, insurance & HOA | $565.42 | $565.42 | $565.42 |
| Total housing payment | $2,282.08 | $4,875.50 | $5,738.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,256
Closing costs & prepaids$19,265
Usable credit−$0
Total buyer cash needed$102,521
Earnest money paid−$0
Remaining funds due$102,521
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,898.72
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)$990.00
Initial HOA (3 months)$56.25
Prepaid interest, first (6 days)$140.45
Prepaid interest, second (6 days)$461.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 2.25%
Interest already paid$57,677Through Dec 2026
Assumption only · ends Oct 2050$111,223
Assumption + second · ends Oct 2050, second Jan 2057$682,851
New conventional · ends Jan 2057$1,084,552