Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,158/mo
Lowest payment- Down payment
- $196,318
- Funds due
- $209,863
- Interest + MI left
- $148,334
- First ends
- Aug 2050
Assumption
Assumption + second
$3,200/mo
+$1,042/mo- Down payment
- $54,318
- Funds due
- $69,299
- Interest + MI left
- $381,434
- First ends
- Aug 2050
New loan
New conventional
$3,812/mo
+$1,655/mo- Down payment
- $54,318
- Funds due
- $65,199
- Interest + MI left
- $710,001
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,582 | $343,582 | $485,582 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,732.10 | $1,732.10 | $3,289.50 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $97.12 |
| Taxes, insurance & HOA | $425.67 | $425.67 | $425.67 |
| Total housing payment | $2,157.76 | $3,199.71 | $3,812.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,318
Closing costs & prepaids$14,981
Usable credit−$0
Total buyer cash needed$69,299
Earnest money paid−$0
Remaining funds due$69,299
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,717.91
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)$648.00
Initial HOA (3 months)$129.00
Prepaid interest, first (6 days)$182.43
Prepaid interest, second (6 days)$186.74
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 8 moOf the original 30-year loan at 3.23%
Interest already paid$76,221Through Dec 2026
Assumption only · ends Aug 2050$148,334
Assumption + second · ends Aug 2050, second Jan 2057$381,434
New conventional · ends Jan 2057$710,001