Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,499/mo
Lowest payment- Down payment
- $277,784
- Funds due
- $290,144
- Interest + MI left
- $98,194
- First ends
- Jul 2050
Assumption
Assumption + second
$3,125/mo
+$1,626/mo- Down payment
- $50,784
- Funds due
- $64,828
- Interest + MI left
- $456,646
- First ends
- Jul 2050
New loan
New conventional
$3,500/mo
+$2,001/mo- Down payment
- $50,784
- Funds due
- $61,346
- Interest + MI left
- $656,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,216 | $222,216 | $449,216 |
| Second mortgage | — | $227,000 | — |
| First P&I | $1,132.19 | $1,132.19 | $3,043.15 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $89.84 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,498.86 | $3,125.11 | $3,499.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,784
Closing costs & prepaids$14,044
Usable credit−$0
Total buyer cash needed$64,828
Earnest money paid−$0
Remaining funds due$64,828
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,111.08
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)$600.00
Prepaid interest, first (9 days)$181.36
Prepaid interest, second (9 days)$433.79
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$51,202Through Dec 2026
Assumption only · ends Jul 2050$98,194
Assumption + second · ends Jul 2050, second Jan 2057$456,646
New conventional · ends Jan 2057$656,738