Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,103/mo
Lowest payment- Down payment
- $213,710
- Funds due
- $227,309
- Interest + MI left
- $114,133
- First ends
- Aug 2050
Assumption
Assumption + second
$3,314/mo
+$1,211/mo- Down payment
- $48,710
- Funds due
- $63,885
- Interest + MI left
- $384,989
- First ends
- Aug 2050
New loan
New conventional
$3,771/mo
+$1,668/mo- Down payment
- $48,710
- Funds due
- $60,251
- Interest + MI left
- $630,385
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,190 | $266,190 | $431,190 |
| Second mortgage | — | $165,000 | — |
| First P&I | $1,339.17 | $1,339.17 | $2,921.03 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | — | — | $86.24 |
| Taxes, insurance & HOA | $763.67 | $763.67 | $763.67 |
| Total housing payment | $2,102.83 | $3,313.54 | $3,770.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,710
Closing costs & prepaids$15,175
Usable credit−$0
Total buyer cash needed$63,885
Earnest money paid−$0
Remaining funds due$63,885
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,330.95
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)$576.00
Initial HOA (3 months)$1,215.00
Prepaid interest, first (9 days)$210.69
Prepaid interest, second (9 days)$325.48
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 8 moOf the original 30-year loan at 3.21%
Interest already paid$58,701Through Dec 2026
Assumption only · ends Aug 2050$114,133
Assumption + second · ends Aug 2050, second Jan 2057$384,989
New conventional · ends Jan 2057$630,385