Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,565/mo
Lowest payment- Down payment
- $238,338
- Funds due
- $250,222
- Interest + MI left
- $109,240
- First ends
- Jun 2050
Assumption
Assumption + second
$2,973/mo
+$1,409/mo- Down payment
- $46,338
- Funds due
- $59,514
- Interest + MI left
- $424,418
- First ends
- Jun 2050
New loan
New conventional
$3,342/mo
+$1,778/mo- Down payment
- $46,338
- Funds due
- $55,919
- Interest + MI left
- $627,346
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,662 | $221,662 | $413,662 |
| Second mortgage | — | $192,000 | — |
| First P&I | $1,169.27 | $1,169.27 | $2,864.11 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $82.73 |
| Taxes, insurance & HOA | $395.33 | $395.33 | $395.33 |
| Total housing payment | $1,564.60 | $2,973.43 | $3,342.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,338
Closing costs & prepaids$13,177
Usable credit−$0
Total buyer cash needed$59,514
Earnest money paid−$0
Remaining funds due$59,514
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,108.31
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)$401.00
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$22.17
Prepaid interest, second (1 days)$42.08
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 7 moOf the original 30-year loan at 3.650%
Interest already paid$56,096Through Nov 2026
Assumption only · ends Jun 2050$109,240
Assumption + second · ends Jun 2050, second Dec 2056$424,418
New conventional · ends Dec 2056$627,346