Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,453/mo
Lowest payment- Down payment
- $243,547
- Funds due
- $258,619
- Interest + MI left
- $163,473
- First ends
- Sep 2050
Assumption
Assumption + second
$3,774/mo
+$1,321/mo- Down payment
- $63,547
- Funds due
- $80,224
- Interest + MI left
- $458,952
- First ends
- Sep 2050
New loan
New conventional
$4,474/mo
+$2,021/mo- Down payment
- $63,547
- Funds due
- $75,960
- Interest + MI left
- $828,247
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $386,452 | $386,452 | $566,452 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,929.56 | $1,929.56 | $3,837.34 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $113.29 |
| Taxes, insurance & HOA | $523.67 | $523.67 | $523.67 |
| Total housing payment | $2,453.23 | $3,774.00 | $4,474.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,547
Closing costs & prepaids$16,677
Usable credit−$0
Total buyer cash needed$80,224
Earnest money paid−$0
Remaining funds due$80,224
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,299.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,932.26
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)$315.00
Prepaid interest, first (9 days)$301.12
Prepaid interest, second (9 days)$355.07
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$82,728Through Dec 2026
Assumption only · ends Sep 2050$163,473
Assumption + second · ends Sep 2050, second Jan 2057$458,952
New conventional · ends Jan 2057$828,247