Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,461/mo
Lowest payment- Down payment
- $220,833
- Funds due
- $232,331
- Interest + MI left
- $94,724
- First ends
- Aug 2050
Assumption
Assumption + second
$2,760/mo
+$1,299/mo- Down payment
- $43,833
- Funds due
- $56,930
- Interest + MI left
- $385,279
- First ends
- Aug 2050
New loan
New conventional
$3,112/mo
+$1,651/mo- Down payment
- $43,833
- Funds due
- $53,537
- Interest + MI left
- $576,337
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,167 | $217,167 | $394,167 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,098.21 | $1,098.21 | $2,670.22 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $78.83 |
| Taxes, insurance & HOA | $363.17 | $363.17 | $363.17 |
| Total housing payment | $1,461.37 | $2,760.14 | $3,112.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,833
Closing costs & prepaids$13,097
Usable credit−$0
Total buyer cash needed$56,930
Earnest money paid−$0
Remaining funds due$56,930
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,380.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,085.84
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)$525.50
Initial HOA (3 months)$114.00
Prepaid interest, first (9 days)$174.57
Prepaid interest, second (9 days)$349.15
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 3.26%
Interest already paid$48,607Through Dec 2026
Assumption only · ends Aug 2050$94,724
Assumption + second · ends Aug 2050, second Jan 2057$385,279
New conventional · ends Jan 2057$576,337