Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,458/mo
Lowest payment- Down payment
- $282,672
- Funds due
- $294,849
- Interest + MI left
- $101,724
- First ends
- Jun 2050
Assumption
Assumption + second
$3,127/mo
+$1,669/mo- Down payment
- $49,672
- Funds due
- $63,545
- Interest + MI left
- $469,650
- First ends
- Jun 2050
New loan
New conventional
$3,433/mo
+$1,975/mo- Down payment
- $49,672
- Funds due
- $60,117
- Interest + MI left
- $643,686
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,228 | $207,228 | $440,228 |
| Second mortgage | — | $233,000 | — |
| First P&I | $1,095.57 | $1,095.57 | $2,982.26 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | — | — | $88.05 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $1,458.24 | $3,127.48 | $3,432.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,672
Closing costs & prepaids$13,873
Usable credit−$0
Total buyer cash needed$63,545
Earnest money paid−$0
Remaining funds due$63,545
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,036.14
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)$588.00
Prepaid interest, first (9 days)$186.51
Prepaid interest, second (9 days)$445.25
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 6 moOf the original 30-year loan at 3.65%
Interest already paid$53,192Through Dec 2026
Assumption only · ends Jun 2050$101,724
Assumption + second · ends Jun 2050, second Jan 2057$469,650
New conventional · ends Jan 2057$643,686