Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,247/mo
Lowest payment- Down payment
- $321,410
- Funds due
- $336,074
- Interest + MI left
- $168,870
- First ends
- Apr 2050
Assumption
Assumption + second
$4,067/mo
+$1,820/mo- Down payment
- $67,410
- Funds due
- $83,378
- Interest + MI left
- $569,957
- First ends
- Apr 2050
New loan
New conventional
$4,699/mo
+$2,451/mo- Down payment
- $67,410
- Funds due
- $78,951
- Interest + MI left
- $913,868
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $348,590 | $348,590 | $602,590 |
| Second mortgage | — | $254,000 | — |
| First P&I | $1,841.49 | $1,841.49 | $4,172.21 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | — | — | $120.52 |
| Taxes, insurance & HOA | $405.92 | $405.92 | $405.92 |
| Total housing payment | $2,247.41 | $4,067.10 | $4,698.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,410
Closing costs & prepaids$15,967
Usable credit−$0
Total buyer cash needed$83,378
Earnest money paid−$0
Remaining funds due$83,378
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,742.95
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)$547.75
Initial HOA (3 months)$170.01
Prepaid interest, first (1 days)$34.57
Prepaid interest, second (1 days)$53.93
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 5 moOf the original 30-year loan at 3.620%
Interest already paid$90,027Through Nov 2026
Assumption only · ends Apr 2050$168,870
Assumption + second · ends Apr 2050, second Dec 2056$569,957
New conventional · ends Dec 2056$913,868