Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,654/mo
Lowest payment- Down payment
- $290,620
- Funds due
- $307,549
- Interest + MI left
- $159,199
- First ends
- Oct 2050
Assumption
Assumption + second
$4,216/mo
+$1,562/mo- Down payment
- $72,620
- Funds due
- $91,123
- Interest + MI left
- $503,439
- First ends
- Oct 2050
New loan
New conventional
$5,108/mo
+$2,454/mo- Down payment
- $72,620
- Funds due
- $86,549
- Interest + MI left
- $945,114
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,380 | $428,380 | $646,380 |
| Second mortgage | — | $218,000 | — |
| First P&I | $2,054.47 | $2,054.47 | $4,378.80 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | — | — | $129.28 |
| Taxes, insurance & HOA | $599.92 | $599.92 | $599.92 |
| Total housing payment | $2,654.39 | $4,216.17 | $5,108.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,620
Closing costs & prepaids$18,504
Usable credit−$0
Total buyer cash needed$91,123
Earnest money paid−$0
Remaining funds due$91,123
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,141.90
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)$862.75
Initial HOA (3 months)$287.01
Prepaid interest, first (7 days)$230.03
Prepaid interest, second (7 days)$324.01
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 10 moOf the original 30-year loan at 2.8%
Interest already paid$80,411Through Dec 2026
Assumption only · ends Oct 2050$159,199
Assumption + second · ends Oct 2050, second Jan 2057$503,439
New conventional · ends Jan 2057$945,114