Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,433/mo
Lowest payment- Down payment
- $401,420
- Funds due
- $418,886
- Interest + MI left
- $126,775
- First ends
- Sep 2050
Assumption
Assumption + second
$4,740/mo
+$2,307/mo- Down payment
- $79,420
- Funds due
- $98,615
- Interest + MI left
- $635,240
- First ends
- Sep 2050
New loan
New conventional
$5,577/mo
+$3,144/mo- Down payment
- $79,420
- Funds due
- $94,153
- Interest + MI left
- $1,037,523
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,580 | $387,580 | $709,580 |
| Second mortgage | — | $322,000 | — |
| First P&I | $1,804.75 | $1,804.75 | $4,806.94 |
| Second P&I | — | $2,306.85 | — |
| Mortgage insurance | — | — | $141.92 |
| Taxes, insurance & HOA | $628.25 | $628.25 | $628.25 |
| Total housing payment | $2,433.00 | $4,739.85 | $5,577.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,420
Closing costs & prepaids$19,195
Usable credit−$0
Total buyer cash needed$98,615
Earnest money paid−$0
Remaining funds due$98,615
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,937.90
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)$946.75
Initial HOA (3 months)$288.00
Prepaid interest, first (7 days)$185.83
Prepaid interest, second (7 days)$478.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 9 moOf the original 30-year loan at 2.5%
Interest already paid$66,177Through Dec 2026
Assumption only · ends Sep 2050$126,775
Assumption + second · ends Sep 2050, second Jan 2057$635,240
New conventional · ends Jan 2057$1,037,523