Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,667/mo
Lowest payment- Down payment
- $216,748
- Funds due
- $228,906
- Interest + MI left
- $107,595
- First ends
- Aug 2050
Assumption
Assumption + second
$2,914/mo
+$1,247/mo- Down payment
- $46,748
- Funds due
- $60,231
- Interest + MI left
- $386,659
- First ends
- Aug 2050
New loan
New conventional
$3,398/mo
+$1,731/mo- Down payment
- $46,748
- Funds due
- $56,530
- Interest + MI left
- $634,307
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,252 | $248,252 | $418,252 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,248.59 | $1,248.59 | $2,895.89 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $83.65 |
| Taxes, insurance & HOA | $418.33 | $418.33 | $418.33 |
| Total housing payment | $1,666.92 | $2,914.32 | $3,397.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,748
Closing costs & prepaids$13,483
Usable credit−$0
Total buyer cash needed$60,231
Earnest money paid−$0
Remaining funds due$60,231
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%)$1,241.26
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)$575.00
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$43.94
Prepaid interest, second (2 days)$74.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 3.230%
Interest already paid$54,276Through Nov 2026
Assumption only · ends Aug 2050$107,595
Assumption + second · ends Aug 2050, second Dec 2056$386,659
New conventional · ends Dec 2056$634,307