Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,677/mo
Lowest payment- Down payment
- $399,637
- Funds due
- $417,658
- Interest + MI left
- $170,351
- First ends
- Nov 2050
Assumption
Assumption + second
$4,933/mo
+$2,257/mo- Down payment
- $84,637
- Funds due
- $104,310
- Interest + MI left
- $667,762
- First ends
- Nov 2050
New loan
New conventional
$5,813/mo
+$3,137/mo- Down payment
- $84,637
- Funds due
- $99,503
- Interest + MI left
- $1,103,003
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,363 | $439,363 | $754,363 |
| Second mortgage | — | $315,000 | — |
| First P&I | $2,124.44 | $2,124.44 | $5,110.32 |
| Second P&I | — | $2,256.70 | — |
| Mortgage insurance | — | — | $150.87 |
| Taxes, insurance & HOA | $552.25 | $552.25 | $552.25 |
| Total housing payment | $2,676.69 | $4,933.39 | $5,813.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,637
Closing costs & prepaids$19,672
Usable credit−$0
Total buyer cash needed$104,310
Earnest money paid−$0
Remaining funds due$104,310
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,196.81
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)$1,006.75
Prepaid interest, first (6 days)$209.45
Prepaid interest, second (6 days)$401.30
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 11 moOf the original 30-year loan at 2.9%
Interest already paid$84,047Through Dec 2026
Assumption only · ends Nov 2050$170,351
Assumption + second · ends Nov 2050, second Jan 2057$667,762
New conventional · ends Jan 2057$1,103,003