Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,287/mo
Lowest payment- Down payment
- $266,444
- Funds due
- $281,224
- Interest + MI left
- $151,672
- First ends
- Sep 2050
Assumption
Assumption + second
$3,741/mo
+$1,454/mo- Down payment
- $63,444
- Funds due
- $79,862
- Interest + MI left
- $472,226
- First ends
- Sep 2050
New loan
New conventional
$4,413/mo
+$2,126/mo- Down payment
- $63,444
- Funds due
- $75,719
- Interest + MI left
- $820,975
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,556 | $358,556 | $561,556 |
| Second mortgage | — | $203,000 | — |
| First P&I | $1,790.27 | $1,790.27 | $3,804.18 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | — | — | $112.31 |
| Taxes, insurance & HOA | $496.67 | $496.67 | $496.67 |
| Total housing payment | $2,286.94 | $3,741.26 | $4,413.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,444
Closing costs & prepaids$16,418
Usable credit−$0
Total buyer cash needed$79,862
Earnest money paid−$0
Remaining funds due$79,862
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,792.78
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)$750.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$279.38
Prepaid interest, second (9 days)$387.92
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 9 moOf the original 30-year loan at 3.16%
Interest already paid$76,757Through Dec 2026
Assumption only · ends Sep 2050$151,672
Assumption + second · ends Sep 2050, second Jan 2057$472,226
New conventional · ends Jan 2057$820,975