Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,685/mo
Lowest payment- Down payment
- $192,819
- Funds due
- $204,611
- Interest + MI left
- $107,423
- First ends
- Aug 2050
Assumption
Assumption + second
$2,771/mo
+$1,086/mo- Down payment
- $44,819
- Funds due
- $57,926
- Interest + MI left
- $350,373
- First ends
- Aug 2050
New loan
New conventional
$3,274/mo
+$1,589/mo- Down payment
- $44,819
- Funds due
- $54,227
- Interest + MI left
- $606,901
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,181 | $252,181 | $400,181 |
| Second mortgage | — | $148,000 | — |
| First P&I | $1,261.77 | $1,261.77 | $2,770.77 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $80.04 |
| Taxes, insurance & HOA | $422.92 | $422.92 | $422.92 |
| Total housing payment | $1,684.68 | $2,770.66 | $3,273.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,819
Closing costs & prepaids$13,106
Usable credit−$0
Total buyer cash needed$57,926
Earnest money paid−$0
Remaining funds due$57,926
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,260.90
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$815.75
Initial HOA (3 months)$3.00
Prepaid interest, first (2 days)$43.94
Prepaid interest, second (2 days)$64.88
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 3.180%
Interest already paid$54,314Through Nov 2026
Assumption only · ends Aug 2050$107,423
Assumption + second · ends Aug 2050, second Dec 2056$350,373
New conventional · ends Dec 2056$606,901