Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,220/mo
Lowest payment- Down payment
- $256,325
- Funds due
- $270,538
- Interest + MI left
- $148,504
- First ends
- Sep 2050
Assumption
Assumption + second
$3,658/mo
+$1,438/mo- Down payment
- $60,325
- Funds due
- $75,831
- Interest + MI left
- $470,248
- First ends
- Sep 2050
New loan
New conventional
$4,344/mo
+$2,124/mo- Down payment
- $60,325
- Funds due
- $71,503
- Interest + MI left
- $818,453
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,675 | $343,675 | $539,675 |
| Second mortgage | — | $196,000 | — |
| First P&I | $1,720.91 | $1,720.91 | $3,736.60 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $107.94 |
| Taxes, insurance & HOA | $499.08 | $499.08 | $499.08 |
| Total housing payment | $2,219.99 | $3,658.17 | $4,343.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,325
Closing costs & prepaids$15,507
Usable credit−$0
Total buyer cash needed$75,831
Earnest money paid−$0
Remaining funds due$75,831
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,718.38
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)$760.25
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$30.22
Prepaid interest, second (1 days)$42.96
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 3.210%
Interest already paid$73,597Through Nov 2026
Assumption only · ends Sep 2050$148,504
Assumption + second · ends Sep 2050, second Dec 2056$470,248
New conventional · ends Dec 2056$818,453