Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,094/mo
Lowest payment- Down payment
- $260,527
- Funds due
- $274,431
- Interest + MI left
- $144,156
- First ends
- Sep 2050
Assumption
Assumption + second
$3,527/mo
+$1,433/mo- Down payment
- $60,527
- Funds due
- $75,723
- Interest + MI left
- $459,973
- First ends
- Sep 2050
New loan
New conventional
$4,246/mo
+$2,152/mo- Down payment
- $60,527
- Funds due
- $71,415
- Interest + MI left
- $818,146
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,472 | $339,472 | $539,472 |
| Second mortgage | — | $200,000 | — |
| First P&I | $1,691.01 | $1,691.01 | $3,735.20 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | — | — | $107.89 |
| Taxes, insurance & HOA | $403.08 | $403.08 | $403.08 |
| Total housing payment | $2,094.09 | $3,526.92 | $4,246.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,527
Closing costs & prepaids$15,196
Usable credit−$0
Total buyer cash needed$75,723
Earnest money paid−$0
Remaining funds due$75,723
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,697.36
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)$709.25
Prepaid interest, first (1 days)$29.39
Prepaid interest, second (1 days)$42.47
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$71,607Through Nov 2026
Assumption only · ends Sep 2050$144,156
Assumption + second · ends Sep 2050, second Dec 2056$459,973
New conventional · ends Dec 2056$818,146