Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,047/mo
Lowest payment- Down payment
- $216,348
- Funds due
- $229,887
- Interest + MI left
- $140,715
- First ends
- Sep 2050
Assumption
Assumption + second
$3,229/mo
+$1,181/mo- Down payment
- $55,348
- Funds due
- $70,455
- Interest + MI left
- $405,005
- First ends
- Sep 2050
New loan
New conventional
$3,829/mo
+$1,782/mo- Down payment
- $55,348
- Funds due
- $66,492
- Interest + MI left
- $721,801
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,652 | $332,652 | $493,652 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,660.94 | $1,660.94 | $3,344.17 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | — | — | $98.73 |
| Taxes, insurance & HOA | $386.25 | $386.25 | $386.25 |
| Total housing payment | $2,047.19 | $3,228.55 | $3,829.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,348
Closing costs & prepaids$15,107
Usable credit−$0
Total buyer cash needed$70,455
Earnest money paid−$0
Remaining funds due$70,455
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,663.26
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)$658.75
Prepaid interest, first (9 days)$259.20
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$71,211Through Dec 2026
Assumption only · ends Sep 2050$140,715
Assumption + second · ends Sep 2050, second Jan 2057$405,005
New conventional · ends Jan 2057$721,801