Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,062/mo
Lowest payment- Down payment
- $256,276
- Funds due
- $266,857
- Interest + MI left
- $40,463
- First ends
- Aug 2050
Assumption
Assumption + second
$2,646/mo
+$1,583/mo- Down payment
- $35,276
- Funds due
- $47,530
- Interest + MI left
- $389,441
- First ends
- Aug 2050
New loan
New conventional
$2,785/mo
+$1,723/mo- Down payment
- $35,276
- Funds due
- $44,725
- Interest + MI left
- $460,179
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,724 | $93,724 | $314,724 |
| Second mortgage | — | $221,000 | — |
| First P&I | $472.49 | $472.49 | $2,132.05 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | — | — | $62.94 |
| Taxes, insurance & HOA | $590.00 | $590.00 | $590.00 |
| Total housing payment | $1,062.49 | $2,645.76 | $2,784.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,276
Closing costs & prepaids$12,254
Usable credit−$0
Total buyer cash needed$47,530
Earnest money paid−$0
Remaining funds due$47,530
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$468.62
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$420.00
Initial HOA (3 months)$900.00
Prepaid interest, first (9 days)$74.65
Prepaid interest, second (9 days)$422.32
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 3.23%
Interest already paid$20,792Through Dec 2026
Assumption only · ends Aug 2050$40,463
Assumption + second · ends Aug 2050, second Jan 2057$389,441
New conventional · ends Jan 2057$460,179