Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,317/mo
Lowest payment- Down payment
- $182,255
- Funds due
- $196,237
- Interest + MI left
- $154,448
- First ends
- Aug 2050
Assumption
Assumption + second
$3,256/mo
+$939/mo- Down payment
- $54,255
- Funds due
- $69,740
- Interest + MI left
- $364,567
- First ends
- Aug 2050
New loan
New conventional
$3,901/mo
+$1,584/mo- Down payment
- $54,255
- Funds due
- $65,688
- Interest + MI left
- $710,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $357,744 | $357,744 | $485,744 |
| Second mortgage | — | $128,000 | — |
| First P&I | $1,803.49 | $1,803.49 | $3,290.60 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | — | — | $97.15 |
| Taxes, insurance & HOA | $513.67 | $513.67 | $513.67 |
| Total housing payment | $2,317.16 | $3,256.38 | $3,901.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,255
Closing costs & prepaids$15,485
Usable credit−$0
Total buyer cash needed$69,740
Earnest money paid−$0
Remaining funds due$69,740
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,788.72
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)$648.00
Initial HOA (3 months)$393.00
Prepaid interest, first (9 days)$284.92
Prepaid interest, second (9 days)$252.49
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$79,363Through Dec 2026
Assumption only · ends Aug 2050$154,448
Assumption + second · ends Aug 2050, second Jan 2057$364,567
New conventional · ends Jan 2057$710,238