Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,684/mo
Lowest payment- Down payment
- $315,130
- Funds due
- $328,200
- Interest + MI left
- $113,265
- First ends
- Jun 2050
Assumption
Assumption + second
$3,539/mo
+$1,856/mo- Down payment
- $56,130
- Funds due
- $70,505
- Interest + MI left
- $522,248
- First ends
- Jun 2050
New loan
New conventional
$4,007/mo
+$2,324/mo- Down payment
- $56,130
- Funds due
- $66,701
- Interest + MI left
- $764,001
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,770 | $244,770 | $503,770 |
| Second mortgage | — | $259,000 | — |
| First P&I | $1,265.14 | $1,265.14 | $3,488.00 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | — | — | $100.75 |
| Taxes, insurance & HOA | $418.67 | $418.67 | $418.67 |
| Total housing payment | $1,683.81 | $3,539.32 | $4,007.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,130
Closing costs & prepaids$14,375
Usable credit−$0
Total buyer cash needed$70,505
Earnest money paid−$0
Remaining funds due$70,505
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,223.85
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)$441.00
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$23.14
Prepaid interest, second (1 days)$54.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 3.450%
Interest already paid$58,686Through Nov 2026
Assumption only · ends Jun 2050$113,265
Assumption + second · ends Jun 2050, second Dec 2056$522,248
New conventional · ends Dec 2056$764,001