Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,384/mo
Lowest payment- Down payment
- $421,743
- Funds due
- $438,961
- Interest + MI left
- $146,882
- First ends
- Sep 2050
Assumption
Assumption + second
$4,834/mo
+$2,450/mo- Down payment
- $79,743
- Funds due
- $98,647
- Interest + MI left
- $686,929
- First ends
- Sep 2050
New loan
New conventional
$5,528/mo
+$3,144/mo- Down payment
- $79,743
- Funds due
- $94,188
- Interest + MI left
- $1,037,782
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,757 | $367,757 | $709,757 |
| Second mortgage | — | $342,000 | — |
| First P&I | $1,805.75 | $1,805.75 | $4,808.14 |
| Second P&I | — | $2,450.13 | — |
| Mortgage insurance | — | — | $141.95 |
| Taxes, insurance & HOA | $578.33 | $578.33 | $578.33 |
| Total housing payment | $2,384.08 | $4,834.21 | $5,528.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,743
Closing costs & prepaids$18,904
Usable credit−$0
Total buyer cash needed$98,647
Earnest money paid−$0
Remaining funds due$98,647
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,895.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,838.79
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)$947.50
Initial HOA (3 months)$137.49
Prepaid interest, first (6 days)$181.36
Prepaid interest, second (6 days)$435.70
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 9 moOf the original 30-year loan at 3%
Interest already paid$74,884Through Dec 2026
Assumption only · ends Sep 2050$146,882
Assumption + second · ends Sep 2050, second Jan 2057$686,929
New conventional · ends Jan 2057$1,037,782