Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,181/mo
Lowest payment- Down payment
- $299,678
- Funds due
- $318,093
- Interest + MI left
- $219,881
- First ends
- Sep 2050
Assumption
Assumption + second
$4,736/mo
+$1,555/mo- Down payment
- $82,678
- Funds due
- $102,619
- Interest + MI left
- $562,543
- First ends
- Sep 2050
New loan
New conventional
$5,744/mo
+$2,562/mo- Down payment
- $82,678
- Funds due
- $97,452
- Interest + MI left
- $1,085,398
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $525,322 | $525,322 | $742,322 |
| Second mortgage | — | $217,000 | — |
| First P&I | $2,614.75 | $2,614.75 | $5,028.75 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | — | — | $148.46 |
| Taxes, insurance & HOA | $566.67 | $566.67 | $566.67 |
| Total housing payment | $3,181.42 | $4,736.03 | $5,743.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,678
Closing costs & prepaids$19,941
Usable credit−$0
Total buyer cash needed$102,619
Earnest money paid−$0
Remaining funds due$102,619
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,626.61
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$990.00
Initial HOA (3 months)$60.00
Prepaid interest, first (6 days)$270.29
Prepaid interest, second (6 days)$276.45
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 9 moOf the original 30-year loan at 3.13%
Interest already paid$111,429Through Dec 2026
Assumption only · ends Sep 2050$219,881
Assumption + second · ends Sep 2050, second Jan 2057$562,543
New conventional · ends Jan 2057$1,085,398