Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,754/mo
Lowest payment- Down payment
- $274,515
- Funds due
- $287,570
- Interest + MI left
- $114,330
- First ends
- Jul 2050
Assumption
Assumption + second
$3,345/mo
+$1,590/mo- Down payment
- $52,515
- Funds due
- $67,244
- Interest + MI left
- $464,887
- First ends
- Jul 2050
New loan
New conventional
$3,743/mo
+$1,989/mo- Down payment
- $52,515
- Funds due
- $63,641
- Interest + MI left
- $683,540
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,485 | $245,485 | $467,485 |
| Second mortgage | — | $222,000 | — |
| First P&I | $1,271.43 | $1,271.43 | $3,166.91 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | — | — | $93.50 |
| Taxes, insurance & HOA | $483.00 | $483.00 | $483.00 |
| Total housing payment | $1,754.43 | $3,344.86 | $3,743.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,515
Closing costs & prepaids$14,729
Usable credit−$0
Total buyer cash needed$67,244
Earnest money paid−$0
Remaining funds due$67,244
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,227.42
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)$624.00
Initial HOA (3 months)$324.99
Prepaid interest, first (9 days)$210.04
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 closing23 yr 7 moOf the original 30-year loan at 3.47%
Interest already paid$59,185Through Dec 2026
Assumption only · ends Jul 2050$114,330
Assumption + second · ends Jul 2050, second Jan 2057$464,887
New conventional · ends Jan 2057$683,540