Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,424/mo
Lowest payment- Down payment
- $337,029
- Funds due
- $352,693
- Interest + MI left
- $156,392
- First ends
- Jul 2050
Assumption
Assumption + second
$4,351/mo
+$1,927/mo- Down payment
- $68,029
- Funds due
- $85,343
- Interest + MI left
- $581,166
- First ends
- Jul 2050
New loan
New conventional
$4,911/mo
+$2,486/mo- Down payment
- $68,029
- Funds due
- $81,142
- Interest + MI left
- $887,492
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,971 | $337,971 | $606,971 |
| Second mortgage | — | $269,000 | — |
| First P&I | $1,746.86 | $1,746.86 | $4,111.83 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | — | — | $121.39 |
| Taxes, insurance & HOA | $677.34 | $677.34 | $677.34 |
| Total housing payment | $2,424.20 | $4,351.35 | $4,910.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,029
Closing costs & prepaids$17,313
Usable credit−$0
Total buyer cash needed$85,343
Earnest money paid−$0
Remaining funds due$85,343
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,689.85
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)$810.00
Initial HOA (3 months)$722.01
Prepaid interest, first (7 days)$223.62
Prepaid interest, second (7 days)$399.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$81,032Through Dec 2026
Assumption only · ends Jul 2050$156,392
Assumption + second · ends Jul 2050, second Jan 2057$581,166
New conventional · ends Jan 2057$887,492