Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,858/mo
Lowest payment- Down payment
- $241,316
- Funds due
- $256,919
- Interest + MI left
- $199,374
- First ends
- Jan 2050
Assumption
Assumption + second
$4,150/mo
+$1,291/mo- Down payment
- $65,316
- Funds due
- $82,246
- Interest + MI left
- $488,287
- First ends
- Jan 2050
New loan
New conventional
$4,832/mo
+$1,974/mo- Down payment
- $65,316
- Funds due
- $77,588
- Interest + MI left
- $885,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,684 | $407,684 | $583,684 |
| Second mortgage | — | $176,000 | — |
| First P&I | $2,183.66 | $2,183.66 | $4,041.31 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | — | — | $116.74 |
| Taxes, insurance & HOA | $674.42 | $674.42 | $674.42 |
| Total housing payment | $2,858.08 | $4,149.50 | $4,832.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,316
Closing costs & prepaids$16,929
Usable credit−$0
Total buyer cash needed$82,246
Earnest money paid−$0
Remaining funds due$82,246
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,038.42
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)$1,340.25
Initial HOA (3 months)$183.00
Prepaid interest, first (2 days)$82.43
Prepaid interest, second (2 days)$77.15
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 2 moOf the original 30-year loan at 3.690%
Interest already paid$111,744Through Nov 2026
Assumption only · ends Jan 2050$199,374
Assumption + second · ends Jan 2050, second Dec 2056$488,287
New conventional · ends Dec 2056$885,196