Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,626/mo
Lowest payment- Down payment
- $400,986
- Funds due
- $414,878
- Interest + MI left
- $105,701
- First ends
- Sep 2050
Assumption
Assumption + second
$4,026/mo
+$2,400/mo- Down payment
- $65,986
- Funds due
- $81,199
- Interest + MI left
- $634,694
- First ends
- Sep 2050
New loan
New conventional
$4,546/mo
+$2,920/mo- Down payment
- $65,986
- Funds due
- $77,277
- Interest + MI left
- $885,428
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,914 | $248,914 | $583,914 |
| Second mortgage | — | $335,000 | — |
| First P&I | $1,239.91 | $1,239.91 | $4,042.90 |
| Second P&I | — | $2,399.98 | — |
| Mortgage insurance | — | — | $116.78 |
| Taxes, insurance & HOA | $386.25 | $386.25 | $386.25 |
| Total housing payment | $1,626.16 | $4,026.14 | $4,545.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,986
Closing costs & prepaids$15,213
Usable credit−$0
Total buyer cash needed$81,199
Earnest money paid−$0
Remaining funds due$81,199
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,244.57
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)$658.75
Prepaid interest, first (1 days)$21.55
Prepaid interest, second (1 days)$71.13
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 10 moOf the original 30-year loan at 3.160%
Interest already paid$52,505Through Nov 2026
Assumption only · ends Sep 2050$105,701
Assumption + second · ends Sep 2050, second Dec 2056$634,694
New conventional · ends Dec 2056$885,428