Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,277/mo
Lowest payment- Down payment
- $311,319
- Funds due
- $323,315
- Interest + MI left
- $79,176
- First ends
- Jun 2050
Assumption
Assumption + second
$3,154/mo
+$1,877/mo- Down payment
- $49,319
- Funds due
- $63,066
- Interest + MI left
- $492,896
- First ends
- Jun 2050
New loan
New conventional
$3,436/mo
+$2,159/mo- Down payment
- $49,319
- Funds due
- $59,769
- Interest + MI left
- $644,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,681 | $178,681 | $440,681 |
| Second mortgage | — | $262,000 | — |
| First P&I | $914.39 | $914.39 | $2,985.33 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | — | — | $88.14 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $1,277.05 | $3,154.05 | $3,436.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,319
Closing costs & prepaids$13,747
Usable credit−$0
Total buyer cash needed$63,066
Earnest money paid−$0
Remaining funds due$63,066
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$893.41
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)$588.00
Prepaid interest, first (9 days)$146.71
Prepaid interest, second (9 days)$500.67
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 6 moOf the original 30-year loan at 3.33%
Interest already paid$42,003Through Dec 2026
Assumption only · ends Jun 2050$79,176
Assumption + second · ends Jun 2050, second Jan 2057$492,896
New conventional · ends Jan 2057$644,349