Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,056/mo
Lowest payment- Down payment
- $264,859
- Funds due
- $278,934
- Interest + MI left
- $120,931
- First ends
- Aug 2050
Assumption
Assumption + second
$3,546/mo
+$1,490/mo- Down payment
- $56,859
- Funds due
- $72,581
- Interest + MI left
- $449,380
- First ends
- Aug 2050
New loan
New conventional
$4,127/mo
+$2,071/mo- Down payment
- $56,859
- Funds due
- $68,738
- Interest + MI left
- $746,934
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,841 | $302,841 | $510,841 |
| Second mortgage | — | $208,000 | — |
| First P&I | $1,492.16 | $1,492.16 | $3,460.61 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | — | — | $102.17 |
| Taxes, insurance & HOA | $563.75 | $563.75 | $563.75 |
| Total housing payment | $2,055.91 | $3,546.04 | $4,126.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,859
Closing costs & prepaids$15,723
Usable credit−$0
Total buyer cash needed$72,581
Earnest money paid−$0
Remaining funds due$72,581
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,677.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,514.21
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)$681.25
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$224.77
Prepaid interest, second (9 days)$397.48
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 8 moOf the original 30-year loan at 3.01%
Interest already paid$62,774Through Dec 2026
Assumption only · ends Aug 2050$120,931
Assumption + second · ends Aug 2050, second Jan 2057$449,380
New conventional · ends Jan 2057$746,934