Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,978/mo
Lowest payment- Down payment
- $300,655
- Funds due
- $314,715
- Interest + MI left
- $127,833
- First ends
- Jul 2050
Assumption
Assumption + second
$3,697/mo
+$1,719/mo- Down payment
- $60,655
- Funds due
- $76,321
- Interest + MI left
- $506,813
- First ends
- Jul 2050
New loan
New conventional
$4,234/mo
+$2,256/mo- Down payment
- $60,655
- Funds due
- $72,373
- Interest + MI left
- $790,074
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,345 | $300,345 | $540,345 |
| Second mortgage | — | $240,000 | — |
| First P&I | $1,512.99 | $1,512.99 | $3,660.49 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | — | — | $108.07 |
| Taxes, insurance & HOA | $465.08 | $465.08 | $465.08 |
| Total housing payment | $1,978.08 | $3,697.47 | $4,233.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,655
Closing costs & prepaids$15,666
Usable credit−$0
Total buyer cash needed$76,321
Earnest money paid−$0
Remaining funds due$76,321
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,010.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,501.72
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)$721.25
Initial HOA (3 months)$174.00
Prepaid interest, first (7 days)$184.32
Prepaid interest, second (7 days)$356.71
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 7 moOf the original 30-year loan at 3.2%
Interest already paid$66,993Through Dec 2026
Assumption only · ends Jul 2050$127,833
Assumption + second · ends Jul 2050, second Jan 2057$506,813
New conventional · ends Jan 2057$790,074