Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,682/mo
Lowest payment- Down payment
- $220,356
- Funds due
- $232,539
- Interest + MI left
- $115,262
- First ends
- Jan 2050
Assumption
Assumption + second
$2,958/mo
+$1,277/mo- Down payment
- $46,356
- Funds due
- $60,132
- Interest + MI left
- $400,892
- First ends
- Jan 2050
New loan
New conventional
$3,285/mo
+$1,603/mo- Down payment
- $46,356
- Funds due
- $56,601
- Interest + MI left
- $604,670
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,544 | $239,544 | $413,544 |
| Second mortgage | — | $174,000 | — |
| First P&I | $1,280.89 | $1,280.89 | $2,801.49 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | — | — | $82.71 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $1,681.55 | $2,958.30 | $3,284.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,356
Closing costs & prepaids$13,776
Usable credit−$0
Total buyer cash needed$60,132
Earnest money paid−$0
Remaining funds due$60,132
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,197.72
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)$552.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$215.59
Prepaid interest, second (9 days)$343.23
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 1 moOf the original 30-year loan at 3.65%
Interest already paid$65,857Through Dec 2026
Assumption only · ends Jan 2050$115,262
Assumption + second · ends Jan 2050, second Jan 2057$400,892
New conventional · ends Jan 2057$604,670