Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,272/mo
Lowest payment- Down payment
- $419,256
- Funds due
- $436,518
- Interest + MI left
- $111,223
- First ends
- Oct 2050
Assumption
Assumption + second
$4,700/mo
+$2,429/mo- Down payment
- $80,256
- Funds due
- $99,200
- Interest + MI left
- $646,533
- First ends
- Oct 2050
New loan
New conventional
$5,568/mo
+$3,296/mo- Down payment
- $80,256
- Funds due
- $94,732
- Interest + MI left
- $1,050,923
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $379,744 | $379,744 | $718,744 |
| Second mortgage | — | $339,000 | — |
| First P&I | $1,716.67 | $1,716.67 | $4,869.02 |
| Second P&I | — | $2,428.64 | — |
| Mortgage insurance | — | — | $143.75 |
| Taxes, insurance & HOA | $555.00 | $555.00 | $555.00 |
| Total housing payment | $2,271.67 | $4,700.30 | $5,567.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,256
Closing costs & prepaids$18,944
Usable credit−$0
Total buyer cash needed$99,200
Earnest money paid−$0
Remaining funds due$99,200
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,898.72
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)$958.75
Initial HOA (3 months)$56.25
Prepaid interest, first (6 days)$140.45
Prepaid interest, second (6 days)$431.88
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 10 moOf the original 30-year loan at 2.25%
Interest already paid$57,677Through Dec 2026
Assumption only · ends Oct 2050$111,223
Assumption + second · ends Oct 2050, second Jan 2057$646,533
New conventional · ends Jan 2057$1,050,923