Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,721/mo
Lowest payment- Down payment
- $272,260
- Funds due
- $284,697
- Interest + MI left
- $88,398
- First ends
- Aug 2046
Assumption
Assumption + second
$3,311/mo
+$1,590/mo- Down payment
- $50,260
- Funds due
- $64,372
- Interest + MI left
- $438,954
- First ends
- Aug 2046
New loan
New conventional
$3,504/mo
+$1,783/mo- Down payment
- $50,260
- Funds due
- $60,878
- Interest + MI left
- $650,194
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,740 | $222,740 | $444,740 |
| Second mortgage | — | $222,000 | — |
| First P&I | $1,318.38 | $1,318.38 | $3,012.82 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | — | — | $88.95 |
| Taxes, insurance & HOA | $402.67 | $402.67 | $402.67 |
| Total housing payment | $1,721.05 | $3,311.48 | $3,504.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,260
Closing costs & prepaids$14,112
Usable credit−$0
Total buyer cash needed$64,372
Earnest money paid−$0
Remaining funds due$64,372
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,113.70
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)$594.00
Initial HOA (3 months)$114.00
Prepaid interest, first (9 days)$197.72
Prepaid interest, second (9 days)$424.23
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 closing19 yr 8 moOf the original 30-year loan at 3.6%
Interest already paid$96,239Through Dec 2026
Assumption only · ends Aug 2046$88,398
Assumption + second · ends Aug 2046, second Jan 2057$438,954
New conventional · ends Jan 2057$650,194