Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,527/mo
Lowest payment- Down payment
- $251,956
- Funds due
- $266,699
- Interest + MI left
- $163,112
- First ends
- Oct 2049
Assumption
Assumption + second
$3,936/mo
+$1,409/mo- Down payment
- $59,956
- Funds due
- $75,991
- Interest + MI left
- $478,290
- First ends
- Oct 2049
New loan
New conventional
$4,512/mo
+$1,985/mo- Down payment
- $59,956
- Funds due
- $71,646
- Interest + MI left
- $817,496
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,044 | $347,044 | $539,044 |
| Second mortgage | — | $192,000 | — |
| First P&I | $1,855.11 | $1,855.11 | $3,732.23 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $107.81 |
| Taxes, insurance & HOA | $671.75 | $671.75 | $671.75 |
| Total housing payment | $2,526.86 | $3,935.69 | $4,511.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,956
Closing costs & prepaids$16,035
Usable credit−$0
Total buyer cash needed$75,991
Earnest money paid−$0
Remaining funds due$75,991
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,735.22
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)$1,371.25
Initial HOA (3 months)$144.00
Prepaid interest, first (1 days)$34.23
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 closing22 yr 11 moOf the original 30-year loan at 3.600%
Interest already paid$96,694Through Nov 2026
Assumption only · ends Oct 2049$163,112
Assumption + second · ends Oct 2049, second Dec 2056$478,290
New conventional · ends Dec 2056$817,496