Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,689/mo
Lowest payment- Down payment
- $177,378
- Funds due
- $192,559
- Interest + MI left
- $180,101
- First ends
- Oct 2050
Assumption
Assumption + second
$3,525/mo
+$836/mo- Down payment
- $63,378
- Funds due
- $79,959
- Interest + MI left
- $367,238
- First ends
- Oct 2050
New loan
New conventional
$4,428/mo
+$1,739/mo- Down payment
- $63,378
- Funds due
- $75,317
- Interest + MI left
- $828,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $452,522 | $452,522 | $566,522 |
| Second mortgage | — | $114,000 | — |
| First P&I | $2,211.97 | $2,211.97 | $3,837.82 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | — | — | $113.30 |
| Taxes, insurance & HOA | $476.67 | $476.67 | $476.67 |
| Total housing payment | $2,688.63 | $3,525.13 | $4,427.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,378
Closing costs & prepaids$16,581
Usable credit−$0
Total buyer cash needed$79,959
Earnest money paid−$0
Remaining funds due$79,959
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,262.61
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)$756.00
Initial HOA (3 months)$174.00
Prepaid interest, first (6 days)$221.67
Prepaid interest, second (6 days)$149.92
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 10 moOf the original 30-year loan at 2.98%
Interest already paid$90,207Through Dec 2026
Assumption only · ends Oct 2050$180,101
Assumption + second · ends Oct 2050, second Jan 2057$367,238
New conventional · ends Jan 2057$828,349