Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,918/mo
Lowest payment- Down payment
- $210,944
- Funds due
- $223,819
- Interest + MI left
- $129,117
- First ends
- Sep 2050
Assumption
Assumption + second
$3,085/mo
+$1,167/mo- Down payment
- $51,944
- Funds due
- $66,104
- Interest + MI left
- $390,124
- First ends
- Sep 2050
New loan
New conventional
$3,702/mo
+$1,784/mo- Down payment
- $51,944
- Funds due
- $62,054
- Interest + MI left
- $702,256
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,056 | $304,056 | $463,056 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,514.59 | $1,514.59 | $3,206.11 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $92.61 |
| Taxes, insurance & HOA | $403.67 | $403.67 | $403.67 |
| Total housing payment | $1,918.26 | $3,084.95 | $3,702.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,944
Closing costs & prepaids$14,160
Usable credit−$0
Total buyer cash needed$66,104
Earnest money paid−$0
Remaining funds due$66,104
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,520.28
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)$429.00
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$26.32
Prepaid interest, second (1 days)$34.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.160%
Interest already paid$64,136Through Nov 2026
Assumption only · ends Sep 2050$129,117
Assumption + second · ends Sep 2050, second Dec 2056$390,124
New conventional · ends Dec 2056$702,256