Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,871/mo
Lowest payment- Down payment
- $430,177
- Funds due
- $445,028
- Interest + MI left
- $121,791
- First ends
- Apr 2050
Assumption
Assumption + second
$4,464/mo
+$2,593/mo- Down payment
- $68,177
- Funds due
- $84,970
- Interest + MI left
- $693,420
- First ends
- Apr 2050
New loan
New conventional
$4,794/mo
+$2,923/mo- Down payment
- $68,177
- Funds due
- $81,180
- Interest + MI left
- $887,276
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,823 | $244,823 | $606,823 |
| Second mortgage | — | $362,000 | — |
| First P&I | $1,309.34 | $1,309.34 | $4,110.83 |
| Second P&I | — | $2,593.41 | — |
| Mortgage insurance | — | — | $121.36 |
| Taxes, insurance & HOA | $561.67 | $561.67 | $561.67 |
| Total housing payment | $1,871.01 | $4,464.42 | $4,793.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,177
Closing costs & prepaids$16,793
Usable credit−$0
Total buyer cash needed$84,970
Earnest money paid−$0
Remaining funds due$84,970
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,224.12
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)$810.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$224.57
Prepaid interest, second (9 days)$691.77
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 4 moOf the original 30-year loan at 3.72%
Interest already paid$65,804Through Dec 2026
Assumption only · ends Apr 2050$121,791
Assumption + second · ends Apr 2050, second Jan 2057$693,420
New conventional · ends Jan 2057$887,276