Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,963/mo
Lowest payment- Down payment
- $310,206
- Funds due
- $328,116
- Interest + MI left
- $186,037
- First ends
- Sep 2050
Assumption
Assumption + second
$4,646/mo
+$1,684/mo- Down payment
- $75,206
- Funds due
- $94,815
- Interest + MI left
- $557,122
- First ends
- Sep 2050
New loan
New conventional
$5,473/mo
+$2,510/mo- Down payment
- $75,206
- Funds due
- $90,224
- Interest + MI left
- $986,660
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,794 | $439,794 | $674,794 |
| Second mortgage | — | $235,000 | — |
| First P&I | $2,195.90 | $2,195.90 | $4,571.29 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | — | — | $134.96 |
| Taxes, insurance & HOA | $766.67 | $766.67 | $766.67 |
| Total housing payment | $2,962.56 | $4,646.13 | $5,472.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,206
Closing costs & prepaids$19,609
Usable credit−$0
Total buyer cash needed$94,815
Earnest money paid−$0
Remaining funds due$94,815
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,198.97
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$900.00
Initial HOA (3 months)$750.00
Prepaid interest, first (9 days)$342.68
Prepaid interest, second (9 days)$449.08
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$94,147Through Dec 2026
Assumption only · ends Sep 2050$186,037
Assumption + second · ends Sep 2050, second Jan 2057$557,122
New conventional · ends Jan 2057$986,660