Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,060/mo
Lowest payment- Down payment
- $253,510
- Funds due
- $267,464
- Interest + MI left
- $130,464
- First ends
- Oct 2050
Assumption
Assumption + second
$3,506/mo
+$1,446/mo- Down payment
- $56,510
- Funds due
- $72,103
- Interest + MI left
- $453,850
- First ends
- Oct 2050
New loan
New conventional
$4,058/mo
+$1,998/mo- Down payment
- $56,510
- Funds due
- $68,213
- Interest + MI left
- $742,034
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,490 | $310,490 | $507,490 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,541.80 | $1,541.80 | $3,437.91 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $101.50 |
| Taxes, insurance & HOA | $518.25 | $518.25 | $518.25 |
| Total housing payment | $2,060.05 | $3,505.56 | $4,057.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,510
Closing costs & prepaids$15,593
Usable credit−$0
Total buyer cash needed$72,103
Earnest money paid−$0
Remaining funds due$72,103
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,640.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,552.45
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)$676.75
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$239.63
Prepaid interest, second (9 days)$388.60
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 3.13%
Interest already paid$64,894Through Dec 2026
Assumption only · ends Oct 2050$130,464
Assumption + second · ends Oct 2050, second Jan 2057$453,850
New conventional · ends Jan 2057$742,034