Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,014/mo
Lowest payment- Down payment
- $283,386
- Funds due
- $297,275
- Interest + MI left
- $134,407
- First ends
- Sep 2050
Assumption
Assumption + second
$3,612/mo
+$1,598/mo- Down payment
- $60,386
- Funds due
- $75,573
- Interest + MI left
- $486,543
- First ends
- Sep 2050
New loan
New conventional
$4,281/mo
+$2,267/mo- Down payment
- $60,386
- Funds due
- $71,378
- Interest + MI left
- $818,209
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,514 | $316,514 | $539,514 |
| Second mortgage | — | $223,000 | — |
| First P&I | $1,576.65 | $1,576.65 | $3,735.49 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | — | — | $107.90 |
| Taxes, insurance & HOA | $437.42 | $437.42 | $437.42 |
| Total housing payment | $2,014.07 | $3,611.66 | $4,280.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,386
Closing costs & prepaids$15,187
Usable credit−$0
Total buyer cash needed$75,573
Earnest money paid−$0
Remaining funds due$75,573
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,582.57
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)$620.25
Initial HOA (3 months)$192.00
Prepaid interest, first (1 days)$27.40
Prepaid interest, second (1 days)$47.35
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 10 moOf the original 30-year loan at 3.160%
Interest already paid$66,764Through Nov 2026
Assumption only · ends Sep 2050$134,407
Assumption + second · ends Sep 2050, second Dec 2056$486,543
New conventional · ends Dec 2056$818,209