Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,439/mo
Lowest payment- Down payment
- $238,377
- Funds due
- $253,248
- Interest + MI left
- $168,634
- First ends
- Jul 2050
Assumption
Assumption + second
$3,730/mo
+$1,291/mo- Down payment
- $62,377
- Funds due
- $78,846
- Interest + MI left
- $457,547
- First ends
- Jul 2050
New loan
New conventional
$4,384/mo
+$1,945/mo- Down payment
- $62,377
- Funds due
- $74,599
- Interest + MI left
- $815,337
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $381,623 | $381,623 | $557,623 |
| Second mortgage | — | $176,000 | — |
| First P&I | $1,944.37 | $1,944.37 | $3,777.53 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | — | — | $111.52 |
| Taxes, insurance & HOA | $494.67 | $494.67 | $494.67 |
| Total housing payment | $2,439.04 | $3,730.46 | $4,383.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,377
Closing costs & prepaids$16,469
Usable credit−$0
Total buyer cash needed$78,846
Earnest money paid−$0
Remaining funds due$78,846
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,908.12
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)$744.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$311.47
Prepaid interest, second (9 days)$347.18
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$87,932Through Dec 2026
Assumption only · ends Jul 2050$168,634
Assumption + second · ends Jul 2050, second Jan 2057$457,547
New conventional · ends Jan 2057$815,337