Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,051/mo
Lowest payment- Down payment
- $256,057
- Funds due
- $266,540
- Interest + MI left
- $40,716
- First ends
- Aug 2050
Assumption
Assumption + second
$2,635/mo
+$1,583/mo- Down payment
- $35,057
- Funds due
- $46,837
- Interest + MI left
- $389,694
- First ends
- Aug 2050
New loan
New conventional
$2,823/mo
+$1,771/mo- Down payment
- $35,057
- Funds due
- $43,982
- Interest + MI left
- $477,632
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,943 | $93,943 | $314,943 |
| Second mortgage | — | $221,000 | — |
| First P&I | $472.49 | $472.49 | $2,180.60 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | — | — | $62.99 |
| Taxes, insurance & HOA | $579.00 | $579.00 | $579.00 |
| Total housing payment | $1,051.49 | $2,634.76 | $2,822.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,057
Closing costs & prepaids$11,780
Usable credit−$0
Total buyer cash needed$46,837
Earnest money paid−$0
Remaining funds due$46,837
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$469.72
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)$387.00
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$8.31
Prepaid interest, second (1 days)$46.92
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 3.230%
Interest already paid$20,539Through Nov 2026
Assumption only · ends Aug 2050$40,716
Assumption + second · ends Aug 2050, second Dec 2056$389,694
New conventional · ends Dec 2056$477,632