Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,657/mo
Lowest payment- Down payment
- $345,997
- Funds due
- $359,339
- Interest + MI left
- $116,275
- First ends
- Feb 2050
Assumption
Assumption + second
$3,720/mo
+$2,063/mo- Down payment
- $57,997
- Funds due
- $73,140
- Interest + MI left
- $571,051
- First ends
- Feb 2050
New loan
New conventional
$4,036/mo
+$2,379/mo- Down payment
- $57,997
- Funds due
- $69,506
- Interest + MI left
- $762,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,503 | $233,503 | $521,503 |
| Second mortgage | — | $288,000 | — |
| First P&I | $1,258.19 | $1,258.19 | $3,532.84 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | — | — | $104.30 |
| Taxes, insurance & HOA | $398.50 | $398.50 | $398.50 |
| Total housing payment | $1,656.69 | $3,719.96 | $4,035.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,997
Closing costs & prepaids$15,142
Usable credit−$0
Total buyer cash needed$73,140
Earnest money paid−$0
Remaining funds due$73,140
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,795.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,167.51
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)$695.50
Prepaid interest, first (9 days)$215.91
Prepaid interest, second (9 days)$550.36
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 2 moOf the original 30-year loan at 3.75%
Interest already paid$64,995Through Dec 2026
Assumption only · ends Feb 2050$116,275
Assumption + second · ends Feb 2050, second Jan 2057$571,051
New conventional · ends Jan 2057$762,524