Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,646/mo
Lowest payment- Down payment
- $230,958
- Funds due
- $242,761
- Interest + MI left
- $109,123
- First ends
- Mar 2050
Assumption
Assumption + second
$3,011/mo
+$1,365/mo- Down payment
- $44,958
- Funds due
- $58,051
- Interest + MI left
- $414,452
- First ends
- Mar 2050
New loan
New conventional
$3,356/mo
+$1,710/mo- Down payment
- $44,958
- Funds due
- $54,488
- Interest + MI left
- $612,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,042 | $218,042 | $404,042 |
| Second mortgage | — | $186,000 | — |
| First P&I | $1,168.45 | $1,168.45 | $2,797.51 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | — | — | $80.81 |
| Taxes, insurance & HOA | $477.50 | $477.50 | $477.50 |
| Total housing payment | $1,645.95 | $3,010.75 | $3,355.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,958
Closing costs & prepaids$13,094
Usable credit−$0
Total buyer cash needed$58,051
Earnest money paid−$0
Remaining funds due$58,051
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,090.21
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)$742.50
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$22.34
Prepaid interest, second (1 days)$40.77
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 4 moOf the original 30-year loan at 3.740%
Interest already paid$58,907Through Nov 2026
Assumption only · ends Mar 2050$109,123
Assumption + second · ends Mar 2050, second Dec 2056$414,452
New conventional · ends Dec 2056$612,757