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
- $213,084
- Funds due
- $226,371
- Interest + MI left
- $114,846
- First ends
- Aug 2050
Assumption
Assumption + second
$3,270/mo
+$1,211/mo- Down payment
- $48,084
- Funds due
- $62,657
- Interest + MI left
- $385,703
- First ends
- Aug 2050
New loan
New conventional
$3,797/mo
+$1,737/mo- Down payment
- $48,084
- Funds due
- $58,826
- Interest + MI left
- $654,878
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,816 | $266,816 | $431,816 |
| Second mortgage | — | $165,000 | — |
| First P&I | $1,339.17 | $1,339.17 | $2,989.81 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | — | — | $86.36 |
| Taxes, insurance & HOA | $720.58 | $720.58 | $720.58 |
| Total housing payment | $2,059.75 | $3,270.46 | $3,796.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,084
Closing costs & prepaids$14,572
Usable credit−$0
Total buyer cash needed$62,657
Earnest money paid−$0
Remaining funds due$62,657
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%)$1,334.08
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)$446.75
Initial HOA (3 months)$1,215.00
Prepaid interest, first (1 days)$23.47
Prepaid interest, second (1 days)$36.16
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 9 moOf the original 30-year loan at 3.210%
Interest already paid$57,987Through Nov 2026
Assumption only · ends Aug 2050$114,846
Assumption + second · ends Aug 2050, second Dec 2056$385,703
New conventional · ends Dec 2056$654,878