Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,813/mo
Lowest payment- Down payment
- $390,111
- Funds due
- $404,478
- Interest + MI left
- $110,846
- First ends
- May 2050
Assumption
Assumption + second
$4,156/mo
+$2,343/mo- Down payment
- $63,111
- Funds due
- $79,353
- Interest + MI left
- $627,207
- First ends
- May 2050
New loan
New conventional
$4,518/mo
+$2,706/mo- Down payment
- $63,111
- Funds due
- $75,653
- Interest + MI left
- $828,885
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,889 | $239,889 | $566,889 |
| Second mortgage | — | $327,000 | — |
| First P&I | $1,248.17 | $1,248.17 | $3,840.30 |
| Second P&I | — | $2,342.67 | — |
| Mortgage insurance | — | — | $113.38 |
| Taxes, insurance & HOA | $564.67 | $564.67 | $564.67 |
| Total housing payment | $1,812.83 | $4,155.50 | $4,518.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,111
Closing costs & prepaids$16,242
Usable credit−$0
Total buyer cash needed$79,353
Earnest money paid−$0
Remaining funds due$79,353
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,199.44
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)$756.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$205.25
Prepaid interest, second (9 days)$624.88
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$59,494Through Dec 2026
Assumption only · ends May 2050$110,846
Assumption + second · ends May 2050, second Jan 2057$627,207
New conventional · ends Jan 2057$828,885