Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
Lowest payment- Down payment
- $366,838
- Funds due
- $381,003
- Interest + MI left
- $109,289
- First ends
- Aug 2050
Assumption
Assumption + second
$4,021/mo
+$2,178/mo- Down payment
- $62,838
- Funds due
- $78,317
- Interest + MI left
- $589,331
- First ends
- Aug 2050
New loan
New conventional
$4,537/mo
+$2,694/mo- Down payment
- $62,838
- Funds due
- $74,411
- Interest + MI left
- $843,346
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,162 | $252,162 | $556,162 |
| Second mortgage | — | $304,000 | — |
| First P&I | $1,268.25 | $1,268.25 | $3,850.75 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | — | — | $111.23 |
| Taxes, insurance & HOA | $574.58 | $574.58 | $574.58 |
| Total housing payment | $1,842.83 | $4,020.73 | $4,536.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,838
Closing costs & prepaids$15,479
Usable credit−$0
Total buyer cash needed$78,317
Earnest money paid−$0
Remaining funds due$78,317
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,260.81
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)$998.75
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$22.31
Prepaid interest, second (1 days)$64.55
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 3.230%
Interest already paid$55,131Through Nov 2026
Assumption only · ends Aug 2050$109,289
Assumption + second · ends Aug 2050, second Dec 2056$589,331
New conventional · ends Dec 2056$843,346