Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,732/mo
Lowest payment- Down payment
- $265,320
- Funds due
- $278,416
- Interest + MI left
- $103,351
- First ends
- Oct 2050
Assumption
Assumption + second
$3,251/mo
+$1,519/mo- Down payment
- $53,320
- Funds due
- $68,071
- Interest + MI left
- $438,117
- First ends
- Oct 2050
New loan
New conventional
$3,752/mo
+$2,020/mo- Down payment
- $53,320
- Funds due
- $64,435
- Interest + MI left
- $689,580
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,680 | $259,680 | $471,680 |
| Second mortgage | — | $212,000 | — |
| First P&I | $1,269.34 | $1,269.34 | $3,195.32 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | — | — | $94.34 |
| Taxes, insurance & HOA | $462.67 | $462.67 | $462.67 |
| Total housing payment | $1,732.00 | $3,250.80 | $3,752.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,320
Closing costs & prepaids$14,750
Usable credit−$0
Total buyer cash needed$68,071
Earnest money paid−$0
Remaining funds due$68,071
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,298.40
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)$630.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$190.81
Prepaid interest, second (9 days)$405.12
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 10 moOf the original 30-year loan at 2.98%
Interest already paid$51,766Through Dec 2026
Assumption only · ends Oct 2050$103,351
Assumption + second · ends Oct 2050, second Jan 2057$438,117
New conventional · ends Jan 2057$689,580