Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,661/mo
Lowest payment- Down payment
- $217,328
- Funds due
- $229,620
- Interest + MI left
- $106,927
- First ends
- Aug 2050
Assumption
Assumption + second
$2,909/mo
+$1,247/mo- Down payment
- $47,328
- Funds due
- $61,205
- Interest + MI left
- $385,991
- First ends
- Aug 2050
New loan
New conventional
$3,326/mo
+$1,664/mo- Down payment
- $47,328
- Funds due
- $57,657
- Interest + MI left
- $610,622
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,672 | $247,672 | $417,672 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,248.59 | $1,248.59 | $2,829.46 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $83.53 |
| Taxes, insurance & HOA | $412.67 | $412.67 | $412.67 |
| Total housing payment | $1,661.25 | $2,908.65 | $3,325.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,328
Closing costs & prepaids$13,877
Usable credit−$0
Total buyer cash needed$61,205
Earnest money paid−$0
Remaining funds due$61,205
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,238.36
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)$558.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$197.26
Prepaid interest, second (9 days)$335.34
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$54,944Through Dec 2026
Assumption only · ends Aug 2050$106,927
Assumption + second · ends Aug 2050, second Jan 2057$385,991
New conventional · ends Jan 2057$610,622