Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$931/mo
Lowest payment- Down payment
- $270,820
- Funds due
- $281,053
- Interest + MI left
- $48,541
- First ends
- Aug 2050
Assumption
Assumption + second
$2,600/mo
+$1,669/mo- Down payment
- $37,820
- Funds due
- $49,352
- Interest + MI left
- $416,467
- First ends
- Aug 2050
New loan
New conventional
$2,796/mo
+$1,866/mo- Down payment
- $37,820
- Funds due
- $46,419
- Interest + MI left
- $511,204
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,080 | $104,080 | $337,080 |
| Second mortgage | — | $233,000 | — |
| First P&I | $535.51 | $535.51 | $2,333.87 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | — | — | $67.42 |
| Taxes, insurance & HOA | $395.08 | $395.08 | $395.08 |
| Total housing payment | $930.59 | $2,599.83 | $2,796.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,820
Closing costs & prepaids$11,532
Usable credit−$0
Total buyer cash needed$49,352
Earnest money paid−$0
Remaining funds due$49,352
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$520.40
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$501.25
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$9.84
Prepaid interest, second (1 days)$49.47
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 9 moOf the original 30-year loan at 3.450%
Interest already paid$24,243Through Nov 2026
Assumption only · ends Aug 2050$48,541
Assumption + second · ends Aug 2050, second Dec 2056$416,467
New conventional · ends Dec 2056$511,204