Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,123/mo
Lowest payment- Down payment
- $424,506
- Funds due
- $440,898
- Interest + MI left
- $134,049
- First ends
- Aug 2050
Assumption
Assumption + second
$4,638/mo
+$2,515/mo- Down payment
- $73,506
- Funds due
- $91,819
- Interest + MI left
- $688,307
- First ends
- Aug 2050
New loan
New conventional
$5,171/mo
+$3,048/mo- Down payment
- $73,506
- Funds due
- $87,741
- Interest + MI left
- $967,214
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,494 | $310,494 | $661,494 |
| Second mortgage | — | $351,000 | — |
| First P&I | $1,565.29 | $1,565.29 | $4,481.19 |
| Second P&I | — | $2,514.61 | — |
| Mortgage insurance | — | — | $132.30 |
| Taxes, insurance & HOA | $558.00 | $558.00 | $558.00 |
| Total housing payment | $2,123.29 | $4,637.89 | $5,171.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,506
Closing costs & prepaids$18,312
Usable credit−$0
Total buyer cash needed$91,819
Earnest money paid−$0
Remaining funds due$91,819
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,552.47
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$882.00
Initial HOA (3 months)$141.99
Prepaid interest, first (9 days)$247.29
Prepaid interest, second (9 days)$670.75
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 8 moOf the original 30-year loan at 3.23%
Interest already paid$68,881Through Dec 2026
Assumption only · ends Aug 2050$134,049
Assumption + second · ends Aug 2050, second Jan 2057$688,307
New conventional · ends Jan 2057$967,214