Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,446/mo
Lowest payment- Down payment
- $237,487
- Funds due
- $252,107
- Interest + MI left
- $169,689
- First ends
- Jul 2050
Assumption
Assumption + second
$3,730/mo
+$1,284/mo- Down payment
- $62,487
- Funds due
- $78,395
- Interest + MI left
- $456,961
- First ends
- Jul 2050
New loan
New conventional
$4,473/mo
+$2,027/mo- Down payment
- $62,487
- Funds due
- $73,854
- Interest + MI left
- $845,506
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,513 | $382,513 | $557,513 |
| Second mortgage | — | $175,000 | — |
| First P&I | $1,944.37 | $1,944.37 | $3,860.11 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $111.50 |
| Taxes, insurance & HOA | $501.33 | $501.33 | $501.33 |
| Total housing payment | $2,445.70 | $3,729.79 | $4,472.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,487
Closing costs & prepaids$15,908
Usable credit−$0
Total buyer cash needed$78,395
Earnest money paid−$0
Remaining funds due$78,395
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,912.56
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)$764.00
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$34.69
Prepaid interest, second (1 days)$38.36
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 8 moOf the original 30-year loan at 3.310%
Interest already paid$86,877Through Nov 2026
Assumption only · ends Jul 2050$169,689
Assumption + second · ends Jul 2050, second Dec 2056$456,961
New conventional · ends Dec 2056$845,506