Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,111/mo
Lowest payment- Down payment
- $295,325
- Funds due
- $309,851
- Interest + MI left
- $143,263
- First ends
- Sep 2050
Assumption
Assumption + second
$3,766/mo
+$1,655/mo- Down payment
- $64,325
- Funds due
- $80,542
- Interest + MI left
- $508,031
- First ends
- Sep 2050
New loan
New conventional
$4,393/mo
+$2,282/mo- Down payment
- $64,325
- Funds due
- $76,466
- Interest + MI left
- $832,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,675 | $338,675 | $569,675 |
| Second mortgage | — | $231,000 | — |
| First P&I | $1,691.01 | $1,691.01 | $3,859.18 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | — | — | $113.94 |
| Taxes, insurance & HOA | $420.25 | $420.25 | $420.25 |
| Total housing payment | $2,111.26 | $3,766.17 | $4,393.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,325
Closing costs & prepaids$16,217
Usable credit−$0
Total buyer cash needed$80,542
Earnest money paid−$0
Remaining funds due$80,542
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,693.37
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)$760.75
Prepaid interest, first (9 days)$263.89
Prepaid interest, second (9 days)$441.43
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$72,501Through Dec 2026
Assumption only · ends Sep 2050$143,263
Assumption + second · ends Sep 2050, second Jan 2057$508,031
New conventional · ends Jan 2057$832,959