Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,623/mo
Lowest payment- Down payment
- $240,599
- Funds due
- $256,283
- Interest + MI left
- $169,971
- First ends
- Oct 2050
Assumption
Assumption + second
$3,885/mo
+$1,262/mo- Down payment
- $68,599
- Funds due
- $85,797
- Interest + MI left
- $452,318
- First ends
- Oct 2050
New loan
New conventional
$4,753/mo
+$2,130/mo- Down payment
- $68,599
- Funds due
- $81,207
- Interest + MI left
- $892,507
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,401 | $438,401 | $610,401 |
| Second mortgage | — | $172,000 | — |
| First P&I | $2,127.17 | $2,127.17 | $4,135.07 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $122.08 |
| Taxes, insurance & HOA | $496.25 | $496.25 | $496.25 |
| Total housing payment | $2,623.42 | $3,885.50 | $4,753.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,599
Closing costs & prepaids$17,197
Usable credit−$0
Total buyer cash needed$85,797
Earnest money paid−$0
Remaining funds due$85,797
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,192.00
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)$814.75
Initial HOA (3 months)$174.00
Prepaid interest, first (7 days)$244.66
Prepaid interest, second (7 days)$263.89
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 10 moOf the original 30-year loan at 2.91%
Interest already paid$85,411Through Dec 2026
Assumption only · ends Oct 2050$169,971
Assumption + second · ends Oct 2050, second Jan 2057$452,318
New conventional · ends Jan 2057$892,507