Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,143/mo
Lowest payment- Down payment
- $264,128
- Funds due
- $278,269
- Interest + MI left
- $121,692
- First ends
- Aug 2050
Assumption
Assumption + second
$3,626/mo
+$1,483/mo- Down payment
- $57,128
- Funds due
- $72,563
- Interest + MI left
- $448,563
- First ends
- Aug 2050
New loan
New conventional
$4,288/mo
+$2,145/mo- Down payment
- $57,128
- Funds due
- $68,465
- Interest + MI left
- $774,317
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,572 | $303,572 | $510,572 |
| Second mortgage | — | $207,000 | — |
| First P&I | $1,492.16 | $1,492.16 | $3,535.10 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $102.11 |
| Taxes, insurance & HOA | $650.92 | $650.92 | $650.92 |
| Total housing payment | $2,143.07 | $3,626.05 | $4,288.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,128
Closing costs & prepaids$15,435
Usable credit−$0
Total buyer cash needed$72,563
Earnest money paid−$0
Remaining funds due$72,563
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,677.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,517.86
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)$942.75
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$25.03
Prepaid interest, second (1 days)$43.95
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 3.010%
Interest already paid$62,013Through Nov 2026
Assumption only · ends Aug 2050$121,692
Assumption + second · ends Aug 2050, second Dec 2056$448,563
New conventional · ends Dec 2056$774,317