Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,472/mo
Lowest payment- Down payment
- $186,571
- Funds due
- $200,844
- Interest + MI left
- $177,381
- First ends
- Jul 2050
Assumption
Assumption + second
$3,419/mo
+$947/mo- Down payment
- $57,571
- Funds due
- $73,264
- Interest + MI left
- $389,141
- First ends
- Jul 2050
New loan
New conventional
$4,064/mo
+$1,592/mo- Down payment
- $57,571
- Funds due
- $68,946
- Interest + MI left
- $749,110
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,329 | $383,329 | $512,329 |
| Second mortgage | — | $129,000 | — |
| First P&I | $1,981.31 | $1,981.31 | $3,470.70 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | — | — | $102.47 |
| Taxes, insurance & HOA | $490.67 | $490.67 | $490.67 |
| Total housing payment | $2,471.97 | $3,418.53 | $4,063.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,571
Closing costs & prepaids$15,693
Usable credit−$0
Total buyer cash needed$73,264
Earnest money paid−$0
Remaining funds due$73,264
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,916.64
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)$684.00
Initial HOA (3 months)$288.00
Prepaid interest, first (6 days)$217.39
Prepaid interest, second (6 days)$169.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 3.45%
Interest already paid$91,907Through Dec 2026
Assumption only · ends Jul 2050$177,381
Assumption + second · ends Jul 2050, second Jan 2057$389,141
New conventional · ends Jan 2057$749,110