Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,415/mo
Lowest payment- Down payment
- $262,637
- Funds due
- $277,532
- Interest + MI left
- $164,493
- First ends
- Sep 2050
Assumption
Assumption + second
$3,861/mo
+$1,446/mo- Down payment
- $65,637
- Funds due
- $81,825
- Interest + MI left
- $487,879
- First ends
- Sep 2050
New loan
New conventional
$4,648/mo
+$2,233/mo- Down payment
- $65,637
- Funds due
- $77,231
- Interest + MI left
- $886,107
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,362 | $387,362 | $584,362 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,929.56 | $1,929.56 | $4,046.00 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $116.87 |
| Taxes, insurance & HOA | $485.58 | $485.58 | $485.58 |
| Total housing payment | $2,415.14 | $3,860.66 | $4,648.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,637
Closing costs & prepaids$16,188
Usable credit−$0
Total buyer cash needed$81,825
Earnest money paid−$0
Remaining funds due$81,825
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,936.81
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)$641.75
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$33.54
Prepaid interest, second (1 days)$43.18
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$81,708Through Nov 2026
Assumption only · ends Sep 2050$164,493
Assumption + second · ends Sep 2050, second Dec 2056$487,879
New conventional · ends Dec 2056$886,107