Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,874/mo
Lowest payment- Down payment
- $277,906
- Funds due
- $291,275
- Interest + MI left
- $130,930
- First ends
- Aug 2050
Assumption
Assumption + second
$3,443/mo
+$1,569/mo- Down payment
- $58,906
- Funds due
- $73,572
- Interest + MI left
- $476,750
- First ends
- Aug 2050
New loan
New conventional
$4,067/mo
+$2,193/mo- Down payment
- $58,906
- Funds due
- $69,462
- Interest + MI left
- $790,170
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,094 | $302,094 | $521,094 |
| Second mortgage | — | $219,000 | — |
| First P&I | $1,519.38 | $1,519.38 | $3,607.95 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | — | — | $104.22 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $1,874.05 | $3,442.99 | $4,066.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,906
Closing costs & prepaids$14,666
Usable credit−$0
Total buyer cash needed$73,572
Earnest money paid−$0
Remaining funds due$73,572
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,510.47
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)$564.00
Prepaid interest, first (1 days)$26.73
Prepaid interest, second (1 days)$46.50
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.230%
Interest already paid$66,048Through Nov 2026
Assumption only · ends Aug 2050$130,930
Assumption + second · ends Aug 2050, second Dec 2056$476,750
New conventional · ends Dec 2056$790,170