Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,500/mo
Lowest payment- Down payment
- $313,161
- Funds due
- $328,689
- Interest + MI left
- $178,739
- First ends
- Oct 2049
Assumption
Assumption + second
$4,241/mo
+$1,741/mo- Down payment
- $70,161
- Funds due
- $87,403
- Interest + MI left
- $562,456
- First ends
- Oct 2049
New loan
New conventional
$4,812/mo
+$2,312/mo- Down payment
- $70,161
- Funds due
- $83,052
- Interest + MI left
- $913,618
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $381,839 | $381,839 | $624,839 |
| Second mortgage | — | $243,000 | — |
| First P&I | $2,045.90 | $2,045.90 | $4,232.88 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | — | — | $124.97 |
| Taxes, insurance & HOA | $453.84 | $453.84 | $453.84 |
| Total housing payment | $2,499.74 | $4,240.62 | $4,811.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,161
Closing costs & prepaids$17,242
Usable credit−$0
Total buyer cash needed$87,403
Earnest money paid−$0
Remaining funds due$87,403
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,909.19
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)$834.00
Initial HOA (3 months)$27.51
Prepaid interest, first (9 days)$338.95
Prepaid interest, second (9 days)$464.36
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 closing22 yr 10 moOf the original 30-year loan at 3.6%
Interest already paid$107,786Through Dec 2026
Assumption only · ends Oct 2049$178,739
Assumption + second · ends Oct 2049, second Jan 2057$562,456
New conventional · ends Jan 2057$913,618