Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,741/mo
Lowest payment- Down payment
- $332,067
- Funds due
- $349,733
- Interest + MI left
- $164,028
- First ends
- Dec 2050
Assumption
Assumption + second
$4,575/mo
+$1,834/mo- Down payment
- $76,067
- Funds due
- $95,473
- Interest + MI left
- $568,273
- First ends
- Dec 2050
New loan
New conventional
$5,456/mo
+$2,715/mo- Down payment
- $76,067
- Funds due
- $90,949
- Interest + MI left
- $1,000,023
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,933 | $427,933 | $683,933 |
| Second mortgage | — | $256,000 | — |
| First P&I | $2,055.42 | $2,055.42 | $4,633.20 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | — | — | $136.79 |
| Taxes, insurance & HOA | $685.67 | $685.67 | $685.67 |
| Total housing payment | $2,741.09 | $4,575.10 | $5,455.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,067
Closing costs & prepaids$19,406
Usable credit−$0
Total buyer cash needed$95,473
Earnest money paid−$0
Remaining funds due$95,473
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,139.67
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)$912.00
Initial HOA (3 months)$495.00
Prepaid interest, first (9 days)$301.78
Prepaid interest, second (9 days)$489.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing24 yrOf the original 30-year loan at 2.86%
Interest already paid$79,554Through Dec 2026
Assumption only · ends Dec 2050$164,028
Assumption + second · ends Dec 2050, second Jan 2057$568,273
New conventional · ends Jan 2057$1,000,023