Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,368/mo
Lowest payment- Down payment
- $265,600
- Funds due
- $280,379
- Interest + MI left
- $152,619
- First ends
- Sep 2050
Assumption
Assumption + second
$3,822/mo
+$1,454/mo- Down payment
- $62,600
- Funds due
- $78,672
- Interest + MI left
- $473,173
- First ends
- Sep 2050
New loan
New conventional
$4,584/mo
+$2,216/mo- Down payment
- $62,600
- Funds due
- $74,246
- Interest + MI left
- $852,917
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,400 | $359,400 | $562,400 |
| Second mortgage | — | $203,000 | — |
| First P&I | $1,790.27 | $1,790.27 | $3,893.94 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | — | — | $112.48 |
| Taxes, insurance & HOA | $577.50 | $577.50 | $577.50 |
| Total housing payment | $2,367.77 | $3,822.09 | $4,583.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,600
Closing costs & prepaids$16,072
Usable credit−$0
Total buyer cash needed$78,672
Earnest money paid−$0
Remaining funds due$78,672
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,797.00
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)$992.50
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$31.12
Prepaid interest, second (1 days)$43.10
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$75,810Through Nov 2026
Assumption only · ends Sep 2050$152,619
Assumption + second · ends Sep 2050, second Dec 2056$473,173
New conventional · ends Dec 2056$852,917