Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,543/mo
Lowest payment- Down payment
- $311,567
- Funds due
- $327,120
- Interest + MI left
- $188,989
- First ends
- Oct 2049
Assumption
Assumption + second
$4,277/mo
+$1,734/mo- Down payment
- $69,567
- Funds due
- $86,833
- Interest + MI left
- $571,127
- First ends
- Oct 2049
New loan
New conventional
$4,816/mo
+$2,273/mo- Down payment
- $69,567
- Funds due
- $82,465
- Interest + MI left
- $914,486
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,433 | $383,433 | $625,433 |
| Second mortgage | — | $242,000 | — |
| First P&I | $2,089.13 | $2,089.13 | $4,236.90 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | — | — | $125.09 |
| Taxes, insurance & HOA | $453.84 | $453.84 | $453.84 |
| Total housing payment | $2,542.97 | $4,276.68 | $4,815.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,567
Closing costs & prepaids$17,266
Usable credit−$0
Total buyer cash needed$86,833
Earnest money paid−$0
Remaining funds due$86,833
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,917.16
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)$834.00
Initial HOA (3 months)$27.51
Prepaid interest, first (9 days)$356.44
Prepaid interest, second (9 days)$462.45
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 closing22 yr 10 moOf the original 30-year loan at 3.77%
Interest already paid$113,098Through Dec 2026
Assumption only · ends Oct 2049$188,989
Assumption + second · ends Oct 2049, second Jan 2057$571,127
New conventional · ends Jan 2057$914,486