Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,947/mo
Lowest payment- Down payment
- $266,211
- Funds due
- $280,000
- Interest + MI left
- $124,262
- First ends
- Oct 2050
Assumption
Assumption + second
$3,437/mo
+$1,490/mo- Down payment
- $58,211
- Funds due
- $73,648
- Interest + MI left
- $452,711
- First ends
- Oct 2050
New loan
New conventional
$4,037/mo
+$2,090/mo- Down payment
- $58,211
- Funds due
- $69,767
- Interest + MI left
- $755,631
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,789 | $308,789 | $516,789 |
| Second mortgage | — | $208,000 | — |
| First P&I | $1,514.16 | $1,514.16 | $3,500.91 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | — | — | $103.36 |
| Taxes, insurance & HOA | $432.67 | $432.67 | $432.67 |
| Total housing payment | $1,946.83 | $3,436.97 | $4,036.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,211
Closing costs & prepaids$15,437
Usable credit−$0
Total buyer cash needed$73,648
Earnest money paid−$0
Remaining funds due$73,648
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%)$1,543.94
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)$108.00
Prepaid interest, first (9 days)$229.18
Prepaid interest, second (9 days)$397.48
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$62,153Through Dec 2026
Assumption only · ends Oct 2050$124,262
Assumption + second · ends Oct 2050, second Jan 2057$452,711
New conventional · ends Jan 2057$755,631