Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,456/mo
Lowest payment- Down payment
- $303,871
- Funds due
- $319,608
- Interest + MI left
- $143,636
- First ends
- Oct 2050
Assumption
Assumption + second
$4,154/mo
+$1,698/mo- Down payment
- $66,871
- Funds due
- $84,311
- Interest + MI left
- $517,879
- First ends
- Oct 2050
New loan
New conventional
$4,844/mo
+$2,388/mo- Down payment
- $66,871
- Funds due
- $80,153
- Interest + MI left
- $866,522
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $355,629 | $355,629 | $592,629 |
| Second mortgage | — | $237,000 | — |
| First P&I | $1,745.68 | $1,745.68 | $4,014.68 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $118.53 |
| Taxes, insurance & HOA | $710.50 | $710.50 | $710.50 |
| Total housing payment | $2,456.18 | $4,154.08 | $4,843.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,871
Closing costs & prepaids$17,440
Usable credit−$0
Total buyer cash needed$84,311
Earnest money paid−$0
Remaining funds due$84,311
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,595.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,778.15
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)$791.50
Initial HOA (3 months)$840.00
Prepaid interest, first (9 days)$264.82
Prepaid interest, second (9 days)$452.90
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 10 moOf the original 30-year loan at 3.02%
Interest already paid$71,810Through Dec 2026
Assumption only · ends Oct 2050$143,636
Assumption + second · ends Oct 2050, second Jan 2057$517,879
New conventional · ends Jan 2057$866,522