Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,043/mo
Lowest payment- Down payment
- $217,318
- Funds due
- $230,638
- Interest + MI left
- $149,724
- First ends
- Sep 2050
Assumption
Assumption + second
$3,217/mo
+$1,174/mo- Down payment
- $57,318
- Funds due
- $71,923
- Interest + MI left
- $412,372
- First ends
- Sep 2050
New loan
New conventional
$3,938/mo
+$1,895/mo- Down payment
- $57,318
- Funds due
- $67,582
- Interest + MI left
- $777,365
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $352,582 | $352,582 | $512,582 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,756.31 | $1,756.31 | $3,549.01 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $102.52 |
| Taxes, insurance & HOA | $286.58 | $286.58 | $286.58 |
| Total housing payment | $2,042.90 | $3,216.92 | $3,938.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,318
Closing costs & prepaids$14,605
Usable credit−$0
Total buyer cash needed$71,923
Earnest money paid−$0
Remaining funds due$71,923
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,762.91
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)$359.75
Prepaid interest, first (1 days)$30.52
Prepaid interest, second (1 days)$35.07
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$74,372Through Nov 2026
Assumption only · ends Sep 2050$149,724
Assumption + second · ends Sep 2050, second Dec 2056$412,372
New conventional · ends Dec 2056$777,365