Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,910/mo
Lowest payment- Down payment
- $309,171
- Funds due
- $326,622
- Interest + MI left
- $187,198
- First ends
- Sep 2050
Assumption
Assumption + second
$4,586/mo
+$1,676/mo- Down payment
- $75,171
- Funds due
- $93,922
- Interest + MI left
- $556,703
- First ends
- Sep 2050
New loan
New conventional
$5,521/mo
+$2,611/mo- Down payment
- $75,171
- Funds due
- $88,972
- Interest + MI left
- $1,023,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,829 | $440,829 | $674,829 |
| Second mortgage | — | $234,000 | — |
| First P&I | $2,195.90 | $2,195.90 | $4,672.38 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | — | — | $134.97 |
| Taxes, insurance & HOA | $713.75 | $713.75 | $713.75 |
| Total housing payment | $2,909.65 | $4,586.05 | $5,521.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,171
Closing costs & prepaids$18,751
Usable credit−$0
Total buyer cash needed$93,922
Earnest money paid−$0
Remaining funds due$93,922
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,204.15
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$741.25
Initial HOA (3 months)$750.00
Prepaid interest, first (1 days)$38.16
Prepaid interest, second (1 days)$49.68
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$92,986Through Nov 2026
Assumption only · ends Sep 2050$187,198
Assumption + second · ends Sep 2050, second Dec 2056$556,703
New conventional · ends Dec 2056$1,023,424