Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,770/mo
Lowest payment- Down payment
- $228,622
- Funds due
- $241,510
- Interest + MI left
- $103,639
- First ends
- Oct 2050
Assumption
Assumption + second
$3,076/mo
+$1,306/mo- Down payment
- $50,622
- Funds due
- $65,111
- Interest + MI left
- $395,835
- First ends
- Oct 2050
New loan
New conventional
$3,589/mo
+$1,819/mo- Down payment
- $50,622
- Funds due
- $61,461
- Interest + MI left
- $655,603
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,378 | $270,378 | $448,378 |
| Second mortgage | — | $178,000 | — |
| First P&I | $1,307.75 | $1,307.75 | $3,037.47 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | — | — | $89.68 |
| Taxes, insurance & HOA | $462.25 | $462.25 | $462.25 |
| Total housing payment | $1,770.00 | $3,076.10 | $3,589.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,622
Closing costs & prepaids$14,490
Usable credit−$0
Total buyer cash needed$65,111
Earnest money paid−$0
Remaining funds due$65,111
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,351.89
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)$598.75
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$192.01
Prepaid interest, second (9 days)$351.12
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 10 moOf the original 30-year loan at 2.88%
Interest already paid$52,152Through Dec 2026
Assumption only · ends Oct 2050$103,639
Assumption + second · ends Oct 2050, second Jan 2057$395,835
New conventional · ends Jan 2057$655,603