Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,533/mo
Lowest payment- Down payment
- $517,565
- Funds due
- $533,098
- Interest + MI left
- $84,986
- First ends
- Sep 2050
Assumption
Assumption + second
$4,721/mo
+$3,188/mo- Down payment
- $72,565
- Funds due
- $90,198
- Interest + MI left
- $787,678
- First ends
- Sep 2050
New loan
New conventional
$5,057/mo
+$3,524/mo- Down payment
- $72,565
- Funds due
- $86,539
- Interest + MI left
- $953,968
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,435 | $207,435 | $652,435 |
| Second mortgage | — | $445,000 | — |
| First P&I | $1,026.04 | $1,026.04 | $4,419.82 |
| Second P&I | — | $3,188.03 | — |
| Mortgage insurance | — | — | $130.49 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $1,532.70 | $4,720.74 | $5,056.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,565
Closing costs & prepaids$17,633
Usable credit−$0
Total buyer cash needed$90,198
Earnest money paid−$0
Remaining funds due$90,198
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,037.17
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)$870.00
Prepaid interest, first (9 days)$157.03
Prepaid interest, second (9 days)$850.38
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 9 moOf the original 30-year loan at 3.07%
Interest already paid$43,187Through Dec 2026
Assumption only · ends Sep 2050$84,986
Assumption + second · ends Sep 2050, second Jan 2057$787,678
New conventional · ends Jan 2057$953,968