Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,814/mo
Lowest payment- Down payment
- $243,738
- Funds due
- $256,931
- Interest + MI left
- $106,988
- First ends
- Oct 2050
Assumption
Assumption + second
$3,216/mo
+$1,401/mo- Down payment
- $52,738
- Funds due
- $67,558
- Interest + MI left
- $420,524
- First ends
- Oct 2050
New loan
New conventional
$3,750/mo
+$1,936/mo- Down payment
- $52,738
- Funds due
- $63,842
- Interest + MI left
- $690,525
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,262 | $281,262 | $472,262 |
| Second mortgage | — | $191,000 | — |
| First P&I | $1,357.51 | $1,357.51 | $3,199.27 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | — | — | $94.45 |
| Taxes, insurance & HOA | $456.67 | $456.67 | $456.67 |
| Total housing payment | $1,814.18 | $3,215.67 | $3,750.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,738
Closing costs & prepaids$14,819
Usable credit−$0
Total buyer cash needed$67,558
Earnest money paid−$0
Remaining funds due$67,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,406.31
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)$630.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$198.35
Prepaid interest, second (9 days)$376.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.86%
Interest already paid$53,888Through Dec 2026
Assumption only · ends Oct 2050$106,988
Assumption + second · ends Oct 2050, second Jan 2057$420,524
New conventional · ends Jan 2057$690,525