Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,151/mo
Lowest payment- Down payment
- $218,146
- Funds due
- $232,030
- Interest + MI left
- $148,795
- First ends
- Sep 2050
Assumption
Assumption + second
$3,332/mo
+$1,181/mo- Down payment
- $57,146
- Funds due
- $72,597
- Interest + MI left
- $413,085
- First ends
- Sep 2050
New loan
New conventional
$3,971/mo
+$1,820/mo- Down payment
- $57,146
- Funds due
- $68,540
- Interest + MI left
- $749,731
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,754 | $351,754 | $512,754 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,756.31 | $1,756.31 | $3,473.57 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | — | — | $102.55 |
| Taxes, insurance & HOA | $394.67 | $394.67 | $394.67 |
| Total housing payment | $2,150.98 | $3,332.34 | $3,970.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,146
Closing costs & prepaids$15,451
Usable credit−$0
Total buyer cash needed$72,597
Earnest money paid−$0
Remaining funds due$72,597
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,758.77
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)$684.00
Prepaid interest, first (9 days)$274.08
Prepaid interest, second (9 days)$317.59
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 9 moOf the original 30-year loan at 3.16%
Interest already paid$75,300Through Dec 2026
Assumption only · ends Sep 2050$148,795
Assumption + second · ends Sep 2050, second Jan 2057$413,085
New conventional · ends Jan 2057$749,731