Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
Lowest payment- Down payment
- $297,914
- Funds due
- $312,939
- Interest + MI left
- $148,805
- First ends
- Oct 2050
Assumption
Assumption + second
$3,891/mo
+$1,655/mo- Down payment
- $66,914
- Funds due
- $83,631
- Interest + MI left
- $513,574
- First ends
- Oct 2050
New loan
New conventional
$4,604/mo
+$2,367/mo- Down payment
- $66,914
- Funds due
- $79,427
- Interest + MI left
- $874,501
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,086 | $367,086 | $598,086 |
| Second mortgage | — | $231,000 | — |
| First P&I | $1,803.82 | $1,803.82 | $4,051.64 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | — | — | $119.62 |
| Taxes, insurance & HOA | $432.67 | $432.67 | $432.67 |
| Total housing payment | $2,236.48 | $3,891.40 | $4,603.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,914
Closing costs & prepaids$16,717
Usable credit−$0
Total buyer cash needed$83,631
Earnest money paid−$0
Remaining funds due$83,631
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,835.43
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)$798.00
Prepaid interest, first (9 days)$274.26
Prepaid interest, second (9 days)$441.43
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 10 moOf the original 30-year loan at 3.03%
Interest already paid$74,360Through Dec 2026
Assumption only · ends Oct 2050$148,805
Assumption + second · ends Oct 2050, second Jan 2057$513,574
New conventional · ends Jan 2057$874,501