Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,027/mo
Lowest payment- Down payment
- $283,329
- Funds due
- $297,443
- Interest + MI left
- $124,528
- First ends
- Aug 2050
Assumption
Assumption + second
$3,639/mo
+$1,612/mo- Down payment
- $58,329
- Funds due
- $74,123
- Interest + MI left
- $479,822
- First ends
- Aug 2050
New loan
New conventional
$4,182/mo
+$2,155/mo- Down payment
- $58,329
- Funds due
- $70,277
- Interest + MI left
- $762,623
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,571 | $296,571 | $521,571 |
| Second mortgage | — | $225,000 | — |
| First P&I | $1,482.74 | $1,482.74 | $3,533.30 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | — | — | $104.31 |
| Taxes, insurance & HOA | $544.67 | $544.67 | $544.67 |
| Total housing payment | $2,027.41 | $3,639.34 | $4,182.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,329
Closing costs & prepaids$15,794
Usable credit−$0
Total buyer cash needed$74,123
Earnest money paid−$0
Remaining funds due$74,123
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,482.85
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)$696.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$230.35
Prepaid interest, second (9 days)$429.97
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 3.15%
Interest already paid$64,224Through Dec 2026
Assumption only · ends Aug 2050$124,528
Assumption + second · ends Aug 2050, second Jan 2057$479,822
New conventional · ends Jan 2057$762,623