Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,082/mo
Lowest payment- Down payment
- $282,627
- Funds due
- $296,730
- Interest + MI left
- $125,309
- First ends
- Aug 2050
Assumption
Assumption + second
$3,687/mo
+$1,605/mo- Down payment
- $58,627
- Funds due
- $74,075
- Interest + MI left
- $479,023
- First ends
- Aug 2050
New loan
New conventional
$4,313/mo
+$2,231/mo- Down payment
- $58,627
- Funds due
- $70,025
- Interest + MI left
- $790,441
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,273 | $297,273 | $521,273 |
| Second mortgage | — | $224,000 | — |
| First P&I | $1,482.74 | $1,482.74 | $3,609.19 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | — | — | $104.25 |
| Taxes, insurance & HOA | $599.50 | $599.50 | $599.50 |
| Total housing payment | $2,082.24 | $3,687.01 | $4,312.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,627
Closing costs & prepaids$15,448
Usable credit−$0
Total buyer cash needed$74,075
Earnest money paid−$0
Remaining funds due$74,075
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,486.37
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)$860.50
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$51.31
Prepaid interest, second (2 days)$95.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 3.150%
Interest already paid$63,444Through Nov 2026
Assumption only · ends Aug 2050$125,309
Assumption + second · ends Aug 2050, second Dec 2056$479,023
New conventional · ends Dec 2056$790,441