Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,348/mo
Lowest payment- Down payment
- $315,901
- Funds due
- $328,033
- Interest + MI left
- $79,673
- First ends
- Jun 2050
Assumption
Assumption + second
$3,254/mo
+$1,906/mo- Down payment
- $49,901
- Funds due
- $63,339
- Interest + MI left
- $499,709
- First ends
- Jun 2050
New loan
New conventional
$3,605/mo
+$2,256/mo- Down payment
- $49,901
- Funds due
- $59,919
- Interest + MI left
- $675,023
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,099 | $179,099 | $445,099 |
| Second mortgage | — | $266,000 | — |
| First P&I | $914.39 | $914.39 | $3,081.78 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | — | — | $89.02 |
| Taxes, insurance & HOA | $433.92 | $433.92 | $433.92 |
| Total housing payment | $1,348.30 | $3,253.96 | $3,604.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,901
Closing costs & prepaids$13,438
Usable credit−$0
Total buyer cash needed$63,339
Earnest money paid−$0
Remaining funds due$63,339
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$895.49
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)$801.75
Prepaid interest, first (1 days)$16.34
Prepaid interest, second (1 days)$56.48
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 7 moOf the original 30-year loan at 3.330%
Interest already paid$41,506Through Nov 2026
Assumption only · ends Jun 2050$79,673
Assumption + second · ends Jun 2050, second Dec 2056$499,709
New conventional · ends Dec 2056$675,023