Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,335/mo
Lowest payment- Down payment
- $260,677
- Funds due
- $275,243
- Interest + MI left
- $159,447
- First ends
- Jul 2050
Assumption
Assumption + second
$3,780/mo
+$1,446/mo- Down payment
- $63,677
- Funds due
- $79,537
- Interest + MI left
- $482,833
- First ends
- Jul 2050
New loan
New conventional
$4,507/mo
+$2,173/mo- Down payment
- $63,677
- Funds due
- $75,049
- Interest + MI left
- $858,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,323 | $369,323 | $566,323 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,861.86 | $1,861.86 | $3,921.11 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $113.26 |
| Taxes, insurance & HOA | $473.00 | $473.00 | $473.00 |
| Total housing payment | $2,334.86 | $3,780.38 | $4,507.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,677
Closing costs & prepaids$15,859
Usable credit−$0
Total buyer cash needed$79,537
Earnest money paid−$0
Remaining funds due$79,537
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,846.61
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)$574.00
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$32.68
Prepaid interest, second (1 days)$43.18
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 8 moOf the original 30-year loan at 3.230%
Interest already paid$81,932Through Nov 2026
Assumption only · ends Jul 2050$159,447
Assumption + second · ends Jul 2050, second Dec 2056$482,833
New conventional · ends Dec 2056$858,754