Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,134/mo
Lowest payment- Down payment
- $254,363
- Funds due
- $268,362
- Interest + MI left
- $136,642
- First ends
- Oct 2050
Assumption
Assumption + second
$3,572/mo
+$1,438/mo- Down payment
- $58,363
- Funds due
- $73,698
- Interest + MI left
- $458,386
- First ends
- Oct 2050
New loan
New conventional
$4,221/mo
+$2,087/mo- Down payment
- $58,363
- Funds due
- $69,537
- Interest + MI left
- $783,260
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,537 | $320,537 | $516,537 |
| Second mortgage | — | $196,000 | — |
| First P&I | $1,592.96 | $1,592.96 | $3,576.40 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $103.31 |
| Taxes, insurance & HOA | $541.25 | $541.25 | $541.25 |
| Total housing payment | $2,134.21 | $3,572.38 | $4,220.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,363
Closing costs & prepaids$15,335
Usable credit−$0
Total buyer cash needed$73,698
Earnest money paid−$0
Remaining funds due$73,698
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,602.68
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)$739.75
Initial HOA (3 months)$384.00
Prepaid interest, first (2 days)$55.50
Prepaid interest, second (2 days)$85.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 3.160%
Interest already paid$66,611Through Nov 2026
Assumption only · ends Oct 2050$136,642
Assumption + second · ends Oct 2050, second Dec 2056$458,386
New conventional · ends Dec 2056$783,260