Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,654/mo
Lowest payment- Down payment
- $363,382
- Funds due
- $376,947
- Interest + MI left
- $113,689
- First ends
- Apr 2050
Assumption
Assumption + second
$3,825/mo
+$2,171/mo- Down payment
- $60,382
- Funds due
- $75,776
- Interest + MI left
- $592,151
- First ends
- Apr 2050
New loan
New conventional
$4,163/mo
+$2,509/mo- Down payment
- $60,382
- Funds due
- $72,116
- Interest + MI left
- $787,549
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,618 | $235,618 | $538,618 |
| Second mortgage | — | $303,000 | — |
| First P&I | $1,247.52 | $1,247.52 | $3,648.79 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | — | — | $107.72 |
| Taxes, insurance & HOA | $406.25 | $406.25 | $406.25 |
| Total housing payment | $1,653.77 | $3,824.50 | $4,162.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,382
Closing costs & prepaids$15,394
Usable credit−$0
Total buyer cash needed$75,776
Earnest money paid−$0
Remaining funds due$75,776
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,178.09
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)$718.75
Prepaid interest, first (9 days)$210.31
Prepaid interest, second (9 days)$579.02
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 4 moOf the original 30-year loan at 3.62%
Interest already paid$61,702Through Dec 2026
Assumption only · ends Apr 2050$113,689
Assumption + second · ends Apr 2050, second Jan 2057$592,151
New conventional · ends Jan 2057$787,549