Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,364/mo
Lowest payment- Down payment
- $240,481
- Funds due
- $255,256
- Interest + MI left
- $164,770
- First ends
- Sep 2050
Assumption
Assumption + second
$3,662/mo
+$1,299/mo- Down payment
- $63,481
- Funds due
- $79,855
- Interest + MI left
- $455,325
- First ends
- Sep 2050
New loan
New conventional
$4,370/mo
+$2,006/mo- Down payment
- $63,481
- Funds due
- $75,580
- Interest + MI left
- $828,344
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,519 | $389,519 | $566,519 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,944.88 | $1,944.88 | $3,837.80 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $113.30 |
| Taxes, insurance & HOA | $418.67 | $418.67 | $418.67 |
| Total housing payment | $2,363.54 | $3,662.31 | $4,369.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,481
Closing costs & prepaids$16,374
Usable credit−$0
Total buyer cash needed$79,855
Earnest money paid−$0
Remaining funds due$79,855
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,947.60
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)$756.00
Prepaid interest, first (9 days)$303.50
Prepaid interest, second (9 days)$349.15
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$83,385Through Dec 2026
Assumption only · ends Sep 2050$164,770
Assumption + second · ends Sep 2050, second Jan 2057$455,325
New conventional · ends Jan 2057$828,344