Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,967/mo
Lowest payment- Down payment
- $475,099
- Funds due
- $494,302
- Interest + MI left
- $207,887
- First ends
- May 2050
Assumption
Assumption + second
$5,704/mo
+$2,737/mo- Down payment
- $93,099
- Funds due
- $114,039
- Interest + MI left
- $811,097
- First ends
- May 2050
New loan
New conventional
$6,428/mo
+$3,461/mo- Down payment
- $93,099
- Funds due
- $109,054
- Interest + MI left
- $1,216,377
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $449,901 | $449,901 | $831,901 |
| Second mortgage | — | $382,000 | — |
| First P&I | $2,340.88 | $2,340.88 | $5,635.59 |
| Second P&I | — | $2,736.69 | — |
| Mortgage insurance | — | — | $166.38 |
| Taxes, insurance & HOA | $626.25 | $626.25 | $626.25 |
| Total housing payment | $2,967.13 | $5,703.82 | $6,428.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,099
Closing costs & prepaids$20,940
Usable credit−$0
Total buyer cash needed$114,039
Earnest money paid−$0
Remaining funds due$114,039
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,249.50
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)$1,110.00
Initial HOA (3 months)$118.74
Prepaid interest, first (6 days)$256.63
Prepaid interest, second (6 days)$486.66
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$111,579Through Dec 2026
Assumption only · ends May 2050$207,887
Assumption + second · ends May 2050, second Jan 2057$811,097
New conventional · ends Jan 2057$1,216,377