Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,537/mo
Lowest payment- Down payment
- $520,598
- Funds due
- $536,121
- Interest + MI left
- $88,246
- First ends
- Aug 2050
Assumption
Assumption + second
$4,747/mo
+$3,210/mo- Down payment
- $72,598
- Funds due
- $90,227
- Interest + MI left
- $795,676
- First ends
- Aug 2050
New loan
New conventional
$5,057/mo
+$3,520/mo- Down payment
- $72,598
- Funds due
- $86,572
- Interest + MI left
- $953,920
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,402 | $204,402 | $652,402 |
| Second mortgage | — | $448,000 | — |
| First P&I | $1,030.45 | $1,030.45 | $4,419.60 |
| Second P&I | — | $3,209.53 | — |
| Mortgage insurance | — | — | $130.48 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $1,537.12 | $4,746.64 | $5,056.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,598
Closing costs & prepaids$17,629
Usable credit−$0
Total buyer cash needed$90,227
Earnest money paid−$0
Remaining funds due$90,227
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,022.01
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Prepaid interest, first (9 days)$162.79
Prepaid interest, second (9 days)$856.11
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 8 moOf the original 30-year loan at 3.23%
Interest already paid$45,345Through Dec 2026
Assumption only · ends Aug 2050$88,246
Assumption + second · ends Aug 2050, second Jan 2057$795,676
New conventional · ends Jan 2057$953,920