Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,480/mo
Lowest payment- Down payment
- $392,932
- Funds due
- $410,130
- Interest + MI left
- $167,108
- First ends
- Aug 2050
Assumption
Assumption + second
$4,730/mo
+$2,250/mo- Down payment
- $78,932
- Funds due
- $97,980
- Interest + MI left
- $662,940
- First ends
- Aug 2050
New loan
New conventional
$5,418/mo
+$2,938/mo- Down payment
- $78,932
- Funds due
- $93,545
- Interest + MI left
- $1,025,077
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,068 | $387,068 | $701,068 |
| Second mortgage | — | $314,000 | — |
| First P&I | $1,951.32 | $1,951.32 | $4,749.28 |
| Second P&I | — | $2,249.53 | — |
| Mortgage insurance | — | — | $140.21 |
| Taxes, insurance & HOA | $528.67 | $528.67 | $528.67 |
| Total housing payment | $2,479.99 | $4,729.52 | $5,418.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,932
Closing costs & prepaids$19,048
Usable credit−$0
Total buyer cash needed$97,980
Earnest money paid−$0
Remaining funds due$97,980
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,935.34
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)$936.00
Prepaid interest, first (9 days)$308.28
Prepaid interest, second (9 days)$600.04
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$85,868Through Dec 2026
Assumption only · ends Aug 2050$167,108
Assumption + second · ends Aug 2050, second Jan 2057$662,940
New conventional · ends Jan 2057$1,025,077