Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,981/mo
Lowest payment- Down payment
- $211,658
- Funds due
- $224,929
- Interest + MI left
- $128,317
- First ends
- Sep 2050
Assumption
Assumption + second
$3,155/mo
+$1,174/mo- Down payment
- $51,658
- Funds due
- $66,494
- Interest + MI left
- $390,965
- First ends
- Sep 2050
New loan
New conventional
$3,698/mo
+$1,717/mo- Down payment
- $51,658
- Funds due
- $62,687
- Interest + MI left
- $677,483
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,342 | $303,342 | $463,342 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,514.59 | $1,514.59 | $3,138.84 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $92.67 |
| Taxes, insurance & HOA | $466.67 | $466.67 | $466.67 |
| Total housing payment | $1,981.26 | $3,155.28 | $3,698.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,658
Closing costs & prepaids$14,837
Usable credit−$0
Total buyer cash needed$66,494
Earnest money paid−$0
Remaining funds due$66,494
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,516.71
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)$618.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$236.36
Prepaid interest, second (9 days)$315.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.16%
Interest already paid$64,937Through Dec 2026
Assumption only · ends Sep 2050$128,317
Assumption + second · ends Sep 2050, second Jan 2057$390,965
New conventional · ends Jan 2057$677,483