Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,874/mo
Lowest payment- Down payment
- $220,748
- Funds due
- $236,155
- Interest + MI left
- $203,293
- First ends
- Jan 2050
Assumption
Assumption + second
$4,026/mo
+$1,152/mo- Down payment
- $63,748
- Funds due
- $80,474
- Interest + MI left
- $461,016
- First ends
- Jan 2050
New loan
New conventional
$4,701/mo
+$1,827/mo- Down payment
- $63,748
- Funds due
- $75,828
- Interest + MI left
- $857,130
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,252 | $408,252 | $565,252 |
| Second mortgage | — | $157,000 | — |
| First P&I | $2,199.80 | $2,199.80 | $3,913.69 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | — | — | $113.05 |
| Taxes, insurance & HOA | $674.42 | $674.42 | $674.42 |
| Total housing payment | $2,874.22 | $4,026.23 | $4,701.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,748
Closing costs & prepaids$16,725
Usable credit−$0
Total buyer cash needed$80,474
Earnest money paid−$0
Remaining funds due$80,474
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,041.26
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)$1,340.25
Initial HOA (3 months)$183.00
Prepaid interest, first (2 days)$83.89
Prepaid interest, second (2 days)$68.82
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 3.750%
Interest already paid$113,635Through Nov 2026
Assumption only · ends Jan 2050$203,293
Assumption + second · ends Jan 2050, second Dec 2056$461,016
New conventional · ends Dec 2056$857,130