Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,384/mo
Lowest payment- Down payment
- $231,445
- Funds due
- $246,113
- Interest + MI left
- $158,453
- First ends
- Jul 2050
Assumption
Assumption + second
$3,638/mo
+$1,255/mo- Down payment
- $60,445
- Funds due
- $76,700
- Interest + MI left
- $439,158
- First ends
- Jul 2050
New loan
New conventional
$4,284/mo
+$1,900/mo- Down payment
- $60,445
- Funds due
- $72,535
- Interest + MI left
- $788,772
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,455 | $368,455 | $539,455 |
| Second mortgage | — | $171,000 | — |
| First P&I | $1,861.86 | $1,861.86 | $3,654.46 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $107.89 |
| Taxes, insurance & HOA | $521.67 | $521.67 | $521.67 |
| Total housing payment | $2,383.53 | $3,638.27 | $4,284.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,445
Closing costs & prepaids$16,255
Usable credit−$0
Total buyer cash needed$76,700
Earnest money paid−$0
Remaining funds due$76,700
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,842.28
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)$720.00
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$293.45
Prepaid interest, second (9 days)$337.32
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 7 moOf the original 30-year loan at 3.23%
Interest already paid$82,926Through Dec 2026
Assumption only · ends Jul 2050$158,453
Assumption + second · ends Jul 2050, second Jan 2057$439,158
New conventional · ends Jan 2057$788,772