Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,725/mo
Lowest payment- Down payment
- $273,955
- Funds due
- $286,737
- Interest + MI left
- $115,042
- First ends
- Jul 2050
Assumption
Assumption + second
$3,308/mo
+$1,583/mo- Down payment
- $52,955
- Funds due
- $67,034
- Interest + MI left
- $464,019
- First ends
- Jul 2050
New loan
New conventional
$3,780/mo
+$2,056/mo- Down payment
- $52,955
- Funds due
- $63,255
- Interest + MI left
- $708,212
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,045 | $246,045 | $467,045 |
| Second mortgage | — | $221,000 | — |
| First P&I | $1,271.43 | $1,271.43 | $3,233.73 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | — | — | $93.41 |
| Taxes, insurance & HOA | $453.33 | $453.33 | $453.33 |
| Total housing payment | $1,724.76 | $3,308.03 | $3,780.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,955
Closing costs & prepaids$14,079
Usable credit−$0
Total buyer cash needed$67,034
Earnest money paid−$0
Remaining funds due$67,034
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,230.22
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)$535.00
Initial HOA (3 months)$324.99
Prepaid interest, first (1 days)$23.39
Prepaid interest, second (1 days)$46.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.470%
Interest already paid$58,473Through Nov 2026
Assumption only · ends Jul 2050$115,042
Assumption + second · ends Jul 2050, second Dec 2056$464,019
New conventional · ends Dec 2056$708,212