Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,161/mo
Lowest payment- Down payment
- $362,638
- Funds due
- $377,703
- Interest + MI left
- $150,803
- First ends
- May 2050
Assumption
Assumption + second
$4,260/mo
+$2,099/mo- Down payment
- $69,638
- Funds due
- $86,326
- Interest + MI left
- $613,475
- First ends
- May 2050
New loan
New conventional
$4,783/mo
+$2,622/mo- Down payment
- $69,638
- Funds due
- $82,127
- Interest + MI left
- $905,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,362 | $326,362 | $619,362 |
| Second mortgage | — | $293,000 | — |
| First P&I | $1,698.10 | $1,698.10 | $4,195.77 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | — | — | $123.87 |
| Taxes, insurance & HOA | $463.08 | $463.08 | $463.08 |
| Total housing payment | $2,161.18 | $4,260.27 | $4,782.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,638
Closing costs & prepaids$16,688
Usable credit−$0
Total buyer cash needed$86,326
Earnest money paid−$0
Remaining funds due$86,326
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,631.81
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)$826.75
Initial HOA (3 months)$62.49
Prepaid interest, first (6 days)$186.16
Prepaid interest, second (6 days)$373.27
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$80,940Through Dec 2026
Assumption only · ends May 2050$150,803
Assumption + second · ends May 2050, second Jan 2057$613,475
New conventional · ends Jan 2057$905,610