Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,815/mo
Lowest payment- Down payment
- $258,121
- Funds due
- $271,118
- Interest + MI left
- $126,852
- First ends
- Jul 2050
Assumption
Assumption + second
$3,262/mo
+$1,447/mo- Down payment
- $56,121
- Funds due
- $70,411
- Interest + MI left
- $445,827
- First ends
- Jul 2050
New loan
New conventional
$3,877/mo
+$2,062/mo- Down payment
- $56,121
- Funds due
- $66,355
- Interest + MI left
- $756,484
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,879 | $296,879 | $498,879 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,492.01 | $1,492.01 | $3,454.14 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | — | — | $99.78 |
| Taxes, insurance & HOA | $323.09 | $323.09 | $323.09 |
| Total housing payment | $1,815.10 | $3,262.25 | $3,877.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,121
Closing costs & prepaids$14,291
Usable credit−$0
Total buyer cash needed$70,411
Earnest money paid−$0
Remaining funds due$70,411
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,484.40
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)$386.25
Initial HOA (3 months)$83.01
Prepaid interest, first (1 days)$26.03
Prepaid interest, second (1 days)$42.89
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 8 moOf the original 30-year loan at 3.200%
Interest already paid$65,272Through Nov 2026
Assumption only · ends Jul 2050$126,852
Assumption + second · ends Jul 2050, second Dec 2056$445,827
New conventional · ends Dec 2056$756,484