Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,312/mo
Lowest payment- Down payment
- $281,105
- Funds due
- $296,100
- Interest + MI left
- $144,961
- First ends
- Sep 2050
Assumption
Assumption + second
$3,874/mo
+$1,562/mo- Down payment
- $63,105
- Funds due
- $79,767
- Interest + MI left
- $489,201
- First ends
- Sep 2050
New loan
New conventional
$4,516/mo
+$2,204/mo- Down payment
- $63,105
- Funds due
- $75,684
- Interest + MI left
- $821,583
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,895 | $343,895 | $561,895 |
| Second mortgage | — | $218,000 | — |
| First P&I | $1,715.28 | $1,715.28 | $3,806.47 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | — | — | $112.38 |
| Taxes, insurance & HOA | $596.67 | $596.67 | $596.67 |
| Total housing payment | $2,311.95 | $3,873.73 | $4,515.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,105
Closing costs & prepaids$16,661
Usable credit−$0
Total buyer cash needed$79,767
Earnest money paid−$0
Remaining funds due$79,767
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,719.47
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)$750.00
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$267.11
Prepaid interest, second (9 days)$416.59
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 3.15%
Interest already paid$73,394Through Dec 2026
Assumption only · ends Sep 2050$144,961
Assumption + second · ends Sep 2050, second Jan 2057$489,201
New conventional · ends Jan 2057$821,583