Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,365/mo
Lowest payment- Down payment
- $257,126
- Funds due
- $272,011
- Interest + MI left
- $147,584
- First ends
- Sep 2050
Assumption
Assumption + second
$3,810/mo
+$1,446/mo- Down payment
- $60,126
- Funds due
- $76,650
- Interest + MI left
- $470,970
- First ends
- Sep 2050
New loan
New conventional
$4,409/mo
+$2,044/mo- Down payment
- $60,126
- Funds due
- $72,587
- Interest + MI left
- $789,385
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,874 | $342,874 | $539,874 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,720.91 | $1,720.91 | $3,657.29 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $107.97 |
| Taxes, insurance & HOA | $643.67 | $643.67 | $643.67 |
| Total housing payment | $2,364.57 | $3,810.09 | $4,408.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,126
Closing costs & prepaids$16,523
Usable credit−$0
Total buyer cash needed$76,650
Earnest money paid−$0
Remaining funds due$76,650
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,714.37
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)$711.00
Prepaid interest, first (9 days)$271.39
Prepaid interest, second (9 days)$388.60
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 3.21%
Interest already paid$74,517Through Dec 2026
Assumption only · ends Sep 2050$147,584
Assumption + second · ends Sep 2050, second Jan 2057$470,970
New conventional · ends Jan 2057$789,385