Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,720/mo
Lowest payment- Down payment
- $216,882
- Funds due
- $229,144
- Interest + MI left
- $95,994
- First ends
- Sep 2050
Assumption
Assumption + second
$2,982/mo
+$1,262/mo- Down payment
- $44,882
- Funds due
- $58,733
- Interest + MI left
- $378,341
- First ends
- Sep 2050
New loan
New conventional
$3,356/mo
+$1,636/mo- Down payment
- $44,882
- Funds due
- $55,310
- Interest + MI left
- $577,503
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,018 | $223,018 | $395,018 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,119.34 | $1,119.34 | $2,675.99 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $79.00 |
| Taxes, insurance & HOA | $601.00 | $601.00 | $601.00 |
| Total housing payment | $1,720.34 | $2,982.42 | $3,355.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,882
Closing costs & prepaids$13,851
Usable credit−$0
Total buyer cash needed$58,733
Earnest money paid−$0
Remaining funds due$58,733
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,115.09
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)$528.00
Initial HOA (3 months)$825.00
Prepaid interest, first (9 days)$176.52
Prepaid interest, second (9 days)$339.29
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 9 moOf the original 30-year loan at 3.21%
Interest already paid$48,468Through Dec 2026
Assumption only · ends Sep 2050$95,994
Assumption + second · ends Sep 2050, second Jan 2057$378,341
New conventional · ends Jan 2057$577,503