Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,546/mo
Lowest payment- Down payment
- $293,430
- Funds due
- $308,901
- Interest + MI left
- $173,676
- First ends
- Jan 2050
Assumption
Assumption + second
$4,179/mo
+$1,633/mo- Down payment
- $65,430
- Funds due
- $82,586
- Interest + MI left
- $533,708
- First ends
- Jan 2050
New loan
New conventional
$4,709/mo
+$2,163/mo- Down payment
- $65,430
- Funds due
- $78,381
- Interest + MI left
- $854,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,570 | $356,570 | $584,570 |
| Second mortgage | — | $228,000 | — |
| First P&I | $1,914.25 | $1,914.25 | $3,960.08 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | — | — | $116.91 |
| Taxes, insurance & HOA | $631.67 | $631.67 | $631.67 |
| Total housing payment | $2,545.91 | $4,179.33 | $4,708.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,430
Closing costs & prepaids$17,156
Usable credit−$0
Total buyer cash needed$82,586
Earnest money paid−$0
Remaining funds due$82,586
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,782.85
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)$780.00
Initial HOA (3 months)$615.00
Prepaid interest, first (9 days)$324.43
Prepaid interest, second (9 days)$435.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 3.69%
Interest already paid$99,056Through Dec 2026
Assumption only · ends Jan 2050$173,676
Assumption + second · ends Jan 2050, second Jan 2057$533,708
New conventional · ends Jan 2057$854,738