Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,322/mo
Lowest payment- Down payment
- $277,314
- Funds due
- $291,857
- Interest + MI left
- $170,548
- First ends
- Feb 2050
Assumption
Assumption + second
$3,856/mo
+$1,533/mo- Down payment
- $63,314
- Funds due
- $79,380
- Interest + MI left
- $508,472
- First ends
- Feb 2050
New loan
New conventional
$4,376/mo
+$2,053/mo- Down payment
- $63,314
- Funds due
- $75,144
- Interest + MI left
- $821,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,686 | $347,686 | $561,686 |
| Second mortgage | — | $214,000 | — |
| First P&I | $1,864.15 | $1,864.15 | $3,805.06 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | — | — | $112.34 |
| Taxes, insurance & HOA | $458.34 | $458.34 | $458.34 |
| Total housing payment | $2,322.49 | $3,855.61 | $4,375.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,314
Closing costs & prepaids$16,066
Usable credit−$0
Total buyer cash needed$79,380
Earnest money paid−$0
Remaining funds due$79,380
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,738.43
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)$750.00
Initial HOA (3 months)$125.01
Prepaid interest, first (6 days)$211.47
Prepaid interest, second (6 days)$272.63
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 2 moOf the original 30-year loan at 3.7%
Interest already paid$95,545Through Dec 2026
Assumption only · ends Feb 2050$170,548
Assumption + second · ends Feb 2050, second Jan 2057$508,472
New conventional · ends Jan 2057$821,278