Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,918/mo
Lowest payment- Down payment
- $278,612
- Funds due
- $292,323
- Interest + MI left
- $130,117
- First ends
- Aug 2050
Assumption
Assumption + second
$3,494/mo
+$1,576/mo- Down payment
- $58,612
- Funds due
- $73,994
- Interest + MI left
- $477,516
- First ends
- Aug 2050
New loan
New conventional
$4,035/mo
+$2,117/mo- Down payment
- $58,612
- Funds due
- $70,120
- Interest + MI left
- $762,355
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,388 | $301,388 | $521,388 |
| Second mortgage | — | $220,000 | — |
| First P&I | $1,519.38 | $1,519.38 | $3,532.06 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | — | — | $104.28 |
| Taxes, insurance & HOA | $398.67 | $398.67 | $398.67 |
| Total housing payment | $1,918.05 | $3,494.16 | $4,035.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,612
Closing costs & prepaids$15,381
Usable credit−$0
Total buyer cash needed$73,994
Earnest money paid−$0
Remaining funds due$73,994
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,506.94
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)$696.00
Prepaid interest, first (9 days)$240.04
Prepaid interest, second (9 days)$420.41
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 3.23%
Interest already paid$66,861Through Dec 2026
Assumption only · ends Aug 2050$130,117
Assumption + second · ends Aug 2050, second Jan 2057$477,516
New conventional · ends Jan 2057$762,355