Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,675/mo
Lowest payment- Down payment
- $219,806
- Funds due
- $231,781
- Interest + MI left
- $115,992
- First ends
- Jan 2050
Assumption
Assumption + second
$2,945/mo
+$1,269/mo- Down payment
- $46,806
- Funds due
- $60,069
- Interest + MI left
- $399,981
- First ends
- Jan 2050
New loan
New conventional
$3,337/mo
+$1,662/mo- Down payment
- $46,806
- Funds due
- $56,379
- Interest + MI left
- $626,402
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,094 | $240,094 | $413,094 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,280.89 | $1,280.89 | $2,860.18 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | — | — | $82.62 |
| Taxes, insurance & HOA | $394.58 | $394.58 | $394.58 |
| Total housing payment | $1,675.47 | $2,944.88 | $3,337.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,806
Closing costs & prepaids$13,263
Usable credit−$0
Total buyer cash needed$60,069
Earnest money paid−$0
Remaining funds due$60,069
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,200.47
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)$533.75
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$24.01
Prepaid interest, second (1 days)$37.92
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 2 moOf the original 30-year loan at 3.650%
Interest already paid$65,127Through Nov 2026
Assumption only · ends Jan 2050$115,992
Assumption + second · ends Jan 2050, second Dec 2056$399,981
New conventional · ends Dec 2056$626,402