Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,578/mo
Lowest payment- Down payment
- $231,446
- Funds due
- $243,222
- Interest + MI left
- $108,443
- First ends
- Mar 2050
Assumption
Assumption + second
$2,943/mo
+$1,365/mo- Down payment
- $45,446
- Funds due
- $58,839
- Interest + MI left
- $413,772
- First ends
- Mar 2050
New loan
New conventional
$3,224/mo
+$1,646/mo- Down payment
- $45,446
- Funds due
- $55,400
- Interest + MI left
- $590,063
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,554 | $217,554 | $403,554 |
| Second mortgage | — | $186,000 | — |
| First P&I | $1,168.45 | $1,168.45 | $2,733.82 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | — | — | $80.71 |
| Taxes, insurance & HOA | $409.58 | $409.58 | $409.58 |
| Total housing payment | $1,578.03 | $2,942.83 | $3,224.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,446
Closing costs & prepaids$13,392
Usable credit−$0
Total buyer cash needed$58,839
Earnest money paid−$0
Remaining funds due$58,839
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,087.77
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)$538.75
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$200.63
Prepaid interest, second (9 days)$366.90
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 3 moOf the original 30-year loan at 3.74%
Interest already paid$59,587Through Dec 2026
Assumption only · ends Mar 2050$108,443
Assumption + second · ends Mar 2050, second Jan 2057$413,772
New conventional · ends Jan 2057$590,063