Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,910/mo
Lowest payment- Down payment
- $243,559
- Funds due
- $256,672
- Interest + MI left
- $119,669
- First ends
- Aug 2050
Assumption
Assumption + second
$3,319/mo
+$1,409/mo- Down payment
- $51,559
- Funds due
- $65,964
- Interest + MI left
- $434,847
- First ends
- Aug 2050
New loan
New conventional
$3,839/mo
+$1,929/mo- Down payment
- $51,559
- Funds due
- $62,076
- Interest + MI left
- $702,839
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,441 | $271,441 | $463,441 |
| Second mortgage | — | $192,000 | — |
| First P&I | $1,372.32 | $1,372.32 | $3,208.77 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $92.69 |
| Taxes, insurance & HOA | $538.00 | $538.00 | $538.00 |
| Total housing payment | $1,910.31 | $3,319.14 | $3,839.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,559
Closing costs & prepaids$14,406
Usable credit−$0
Total buyer cash needed$65,964
Earnest money paid−$0
Remaining funds due$65,964
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,357.21
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)$1,011.00
Initial HOA (3 months)$102.99
Prepaid interest, first (1 days)$24.39
Prepaid interest, second (1 days)$42.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.280%
Interest already paid$60,229Through Nov 2026
Assumption only · ends Aug 2050$119,669
Assumption + second · ends Aug 2050, second Dec 2056$434,847
New conventional · ends Dec 2056$702,839