Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,503/mo
Lowest payment- Down payment
- $226,326
- Funds due
- $237,856
- Interest + MI left
- $95,315
- First ends
- Aug 2050
Assumption
Assumption + second
$2,831/mo
+$1,328/mo- Down payment
- $45,326
- Funds due
- $58,146
- Interest + MI left
- $392,436
- First ends
- Aug 2050
New loan
New conventional
$3,245/mo
+$1,742/mo- Down payment
- $45,326
- Funds due
- $54,583
- Interest + MI left
- $604,536
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,674 | $217,674 | $398,674 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,098.21 | $1,098.21 | $2,760.34 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | — | — | $79.73 |
| Taxes, insurance & HOA | $404.75 | $404.75 | $404.75 |
| Total housing payment | $1,502.96 | $2,831.07 | $3,244.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,326
Closing costs & prepaids$12,820
Usable credit−$0
Total buyer cash needed$58,146
Earnest money paid−$0
Remaining funds due$58,146
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,088.37
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)$650.25
Initial HOA (3 months)$114.00
Prepaid interest, first (1 days)$19.44
Prepaid interest, second (1 days)$39.67
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 3.260%
Interest already paid$48,016Through Nov 2026
Assumption only · ends Aug 2050$95,315
Assumption + second · ends Aug 2050, second Dec 2056$392,436
New conventional · ends Dec 2056$604,536