Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,334/mo
Lowest payment- Down payment
- $280,295
- Funds due
- $295,122
- Interest + MI left
- $145,866
- First ends
- Sep 2050
Assumption
Assumption + second
$3,889/mo
+$1,555/mo- Down payment
- $63,295
- Funds due
- $79,418
- Interest + MI left
- $488,527
- First ends
- Sep 2050
New loan
New conventional
$4,620/mo
+$2,286/mo- Down payment
- $63,295
- Funds due
- $75,057
- Interest + MI left
- $851,751
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,705 | $344,705 | $561,705 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,715.28 | $1,715.28 | $3,889.13 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | — | — | $112.34 |
| Taxes, insurance & HOA | $618.67 | $618.67 | $618.67 |
| Total housing payment | $2,333.95 | $3,888.56 | $4,620.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,295
Closing costs & prepaids$16,123
Usable credit−$0
Total buyer cash needed$79,418
Earnest money paid−$0
Remaining funds due$79,418
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,723.53
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)$816.00
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$29.75
Prepaid interest, second (1 days)$46.08
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 10 moOf the original 30-year loan at 3.150%
Interest already paid$72,489Through Nov 2026
Assumption only · ends Sep 2050$145,866
Assumption + second · ends Sep 2050, second Dec 2056$488,527
New conventional · ends Dec 2056$851,751