Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,738/mo
Lowest payment- Down payment
- $367,877
- Funds due
- $382,003
- Interest + MI left
- $103,470
- First ends
- Oct 2050
Assumption
Assumption + second
$3,923/mo
+$2,185/mo- Down payment
- $62,877
- Funds due
- $78,836
- Interest + MI left
- $585,091
- First ends
- Oct 2050
New loan
New conventional
$4,398/mo
+$2,660/mo- Down payment
- $62,877
- Funds due
- $75,100
- Interest + MI left
- $821,917
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,123 | $257,123 | $562,123 |
| Second mortgage | — | $305,000 | — |
| First P&I | $1,260.82 | $1,260.82 | $3,808.02 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | — | — | $112.42 |
| Taxes, insurance & HOA | $477.34 | $477.34 | $477.34 |
| Total housing payment | $1,738.15 | $3,923.21 | $4,397.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,877
Closing costs & prepaids$15,959
Usable credit−$0
Total buyer cash needed$78,836
Earnest money paid−$0
Remaining funds due$78,836
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%)$1,285.61
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)$182.01
Prepaid interest, first (9 days)$190.83
Prepaid interest, second (9 days)$582.84
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 10 moOf the original 30-year loan at 3.01%
Interest already paid$51,753Through Dec 2026
Assumption only · ends Oct 2050$103,470
Assumption + second · ends Oct 2050, second Jan 2057$585,091
New conventional · ends Jan 2057$821,917