Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,047/mo
Lowest payment- Down payment
- $284,129
- Funds due
- $298,333
- Interest + MI left
- $133,574
- First ends
- Sep 2050
Assumption
Assumption + second
$3,652/mo
+$1,605/mo- Down payment
- $60,129
- Funds due
- $76,011
- Interest + MI left
- $487,289
- First ends
- Sep 2050
New loan
New conventional
$4,235/mo
+$2,188/mo- Down payment
- $60,129
- Funds due
- $72,069
- Interest + MI left
- $789,234
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,771 | $315,771 | $539,771 |
| Second mortgage | — | $224,000 | — |
| First P&I | $1,576.65 | $1,576.65 | $3,656.60 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | — | — | $107.95 |
| Taxes, insurance & HOA | $470.67 | $470.67 | $470.67 |
| Total housing payment | $2,047.32 | $3,652.08 | $4,235.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,129
Closing costs & prepaids$15,882
Usable credit−$0
Total buyer cash needed$76,011
Earnest money paid−$0
Remaining funds due$76,011
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,578.85
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)$720.00
Initial HOA (3 months)$192.00
Prepaid interest, first (9 days)$246.04
Prepaid interest, second (9 days)$428.05
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 3.16%
Interest already paid$67,598Through Dec 2026
Assumption only · ends Sep 2050$133,574
Assumption + second · ends Sep 2050, second Jan 2057$487,289
New conventional · ends Jan 2057$789,234