Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,857/mo
Lowest payment- Down payment
- $287,192
- Funds due
- $304,487
- Interest + MI left
- $195,324
- First ends
- Aug 2050
Assumption
Assumption + second
$4,383/mo
+$1,526/mo- Down payment
- $74,192
- Funds due
- $93,144
- Interest + MI left
- $531,669
- First ends
- Aug 2050
New loan
New conventional
$5,201/mo
+$2,344/mo- Down payment
- $74,192
- Funds due
- $88,523
- Interest + MI left
- $966,211
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $447,808 | $447,808 | $660,808 |
| Second mortgage | — | $213,000 | — |
| First P&I | $2,264.55 | $2,264.55 | $4,476.54 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | — | — | $132.16 |
| Taxes, insurance & HOA | $592.67 | $592.67 | $592.67 |
| Total housing payment | $2,857.22 | $4,383.18 | $5,201.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,192
Closing costs & prepaids$18,952
Usable credit−$0
Total buyer cash needed$93,144
Earnest money paid−$0
Remaining funds due$93,144
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,239.04
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$882.00
Initial HOA (3 months)$246.00
Prepaid interest, first (9 days)$359.96
Prepaid interest, second (9 days)$407.03
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 3.26%
Interest already paid$100,230Through Dec 2026
Assumption only · ends Aug 2050$195,324
Assumption + second · ends Aug 2050, second Jan 2057$531,669
New conventional · ends Jan 2057$966,211