Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,816/mo
Lowest payment- Down payment
- $211,012
- Funds due
- $223,751
- Interest + MI left
- $122,620
- First ends
- Aug 2050
Assumption
Assumption + second
$2,997/mo
+$1,181/mo- Down payment
- $50,012
- Funds due
- $64,319
- Interest + MI left
- $386,910
- First ends
- Aug 2050
New loan
New conventional
$3,505/mo
+$1,689/mo- Down payment
- $50,012
- Funds due
- $60,583
- Interest + MI left
- $657,942
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,978 | $288,978 | $449,978 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,449.29 | $1,449.29 | $3,048.31 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | — | — | $90.00 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,815.96 | $2,997.32 | $3,504.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,012
Closing costs & prepaids$14,307
Usable credit−$0
Total buyer cash needed$64,319
Earnest money paid−$0
Remaining funds due$64,319
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,444.89
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)$226.59
Prepaid interest, second (9 days)$317.59
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 3.18%
Interest already paid$63,153Through Dec 2026
Assumption only · ends Aug 2050$122,620
Assumption + second · ends Aug 2050, second Jan 2057$386,910
New conventional · ends Jan 2057$657,942