Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,497/mo
Lowest payment- Down payment
- $279,197
- Funds due
- $294,308
- Interest + MI left
- $176,729
- First ends
- Oct 2049
Assumption
Assumption + second
$4,037/mo
+$1,540/mo- Down payment
- $64,197
- Funds due
- $80,969
- Interest + MI left
- $516,233
- First ends
- Oct 2049
New loan
New conventional
$4,551/mo
+$2,054/mo- Down payment
- $64,197
- Funds due
- $76,755
- Interest + MI left
- $841,773
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,703 | $360,703 | $575,703 |
| Second mortgage | — | $215,000 | — |
| First P&I | $1,961.43 | $1,961.43 | $3,900.01 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | — | — | $115.14 |
| Taxes, insurance & HOA | $535.67 | $535.67 | $535.67 |
| Total housing payment | $2,497.10 | $4,037.39 | $4,550.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,197
Closing costs & prepaids$16,772
Usable credit−$0
Total buyer cash needed$80,969
Earnest money paid−$0
Remaining funds due$80,969
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,803.52
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)$768.00
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$333.53
Prepaid interest, second (9 days)$410.86
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 closing22 yr 10 moOf the original 30-year loan at 3.75%
Interest already paid$105,857Through Dec 2026
Assumption only · ends Oct 2049$176,729
Assumption + second · ends Oct 2049, second Jan 2057$516,233
New conventional · ends Jan 2057$841,773