Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,869/mo
Lowest payment- Down payment
- $299,105
- Funds due
- $312,938
- Interest + MI left
- $111,409
- First ends
- Sep 2050
Assumption
Assumption + second
$3,595/mo
+$1,727/mo- Down payment
- $58,105
- Funds due
- $73,649
- Interest + MI left
- $491,968
- First ends
- Sep 2050
New loan
New conventional
$4,115/mo
+$2,246/mo- Down payment
- $58,105
- Funds due
- $69,893
- Interest + MI left
- $755,786
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,895 | $275,895 | $516,895 |
| Second mortgage | — | $241,000 | — |
| First P&I | $1,358.96 | $1,358.96 | $3,501.63 |
| Second P&I | — | $1,726.55 | — |
| Mortgage insurance | — | — | $103.38 |
| Taxes, insurance & HOA | $509.67 | $509.67 | $509.67 |
| Total housing payment | $1,868.63 | $3,595.18 | $4,114.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,105
Closing costs & prepaids$15,543
Usable credit−$0
Total buyer cash needed$73,649
Earnest money paid−$0
Remaining funds due$73,649
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,379.47
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)$690.00
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$206.13
Prepaid interest, second (9 days)$460.54
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 3.03%
Interest already paid$56,720Through Dec 2026
Assumption only · ends Sep 2050$111,409
Assumption + second · ends Sep 2050, second Jan 2057$491,968
New conventional · ends Jan 2057$755,786