Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,771/mo
Lowest payment- Down payment
- $356,492
- Funds due
- $370,613
- Interest + MI left
- $93,330
- First ends
- Mar 2050
Assumption
Assumption + second
$3,870/mo
+$2,099/mo- Down payment
- $63,492
- Funds due
- $79,298
- Interest + MI left
- $556,002
- First ends
- Mar 2050
New loan
New conventional
$4,390/mo
+$2,619/mo- Down payment
- $63,492
- Funds due
- $75,476
- Interest + MI left
- $820,905
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,508 | $268,508 | $561,508 |
| Second mortgage | — | $293,000 | — |
| First P&I | $1,296.91 | $1,296.91 | $3,803.85 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | — | — | $112.30 |
| Taxes, insurance & HOA | $473.67 | $473.67 | $473.67 |
| Total housing payment | $1,770.58 | $3,869.67 | $4,389.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,492
Closing costs & prepaids$15,806
Usable credit−$0
Total buyer cash needed$79,298
Earnest money paid−$0
Remaining funds due$79,298
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,342.54
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Initial HOA (3 months)$171.00
Prepaid interest, first (7 days)$139.04
Prepaid interest, second (7 days)$435.49
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 3 moOf the original 29-year loan at 2.7%
Interest already paid$45,258Through Dec 2026
Assumption only · ends Mar 2050$93,330
Assumption + second · ends Mar 2050, second Jan 2057$556,002
New conventional · ends Jan 2057$820,905