Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,329/mo
Lowest payment- Down payment
- $312,200
- Funds due
- $327,280
- Interest + MI left
- $167,818
- First ends
- Apr 2050
Assumption
Assumption + second
$4,091/mo
+$1,762/mo- Down payment
- $66,200
- Funds due
- $83,000
- Interest + MI left
- $556,273
- First ends
- Apr 2050
New loan
New conventional
$4,629/mo
+$2,300/mo- Down payment
- $66,200
- Funds due
- $78,826
- Interest + MI left
- $868,234
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,800 | $347,800 | $593,800 |
| Second mortgage | — | $246,000 | — |
| First P&I | $1,841.49 | $1,841.49 | $4,022.61 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | — | — | $118.76 |
| Taxes, insurance & HOA | $487.34 | $487.34 | $487.34 |
| Total housing payment | $2,328.83 | $4,091.20 | $4,628.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,200
Closing costs & prepaids$16,800
Usable credit−$0
Total buyer cash needed$83,000
Earnest money paid−$0
Remaining funds due$83,000
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,739.00
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)$792.00
Initial HOA (3 months)$170.01
Prepaid interest, first (9 days)$310.45
Prepaid interest, second (9 days)$470.10
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 4 moOf the original 30-year loan at 3.62%
Interest already paid$91,079Through Dec 2026
Assumption only · ends Apr 2050$167,818
Assumption + second · ends Apr 2050, second Jan 2057$556,273
New conventional · ends Jan 2057$868,234