Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,566/mo
Lowest payment- Down payment
- $362,847
- Funds due
- $375,965
- Interest + MI left
- $114,401
- First ends
- Apr 2050
Assumption
Assumption + second
$3,730/mo
+$2,164/mo- Down payment
- $60,847
- Funds due
- $75,279
- Interest + MI left
- $591,285
- First ends
- Apr 2050
New loan
New conventional
$4,152/mo
+$2,586/mo- Down payment
- $60,847
- Funds due
- $71,469
- Interest + MI left
- $816,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,153 | $236,153 | $538,153 |
| Second mortgage | — | $302,000 | — |
| First P&I | $1,247.52 | $1,247.52 | $3,726.06 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | — | — | $107.63 |
| Taxes, insurance & HOA | $318.67 | $318.67 | $318.67 |
| Total housing payment | $1,566.19 | $3,729.76 | $4,152.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,847
Closing costs & prepaids$14,432
Usable credit−$0
Total buyer cash needed$75,279
Earnest money paid−$0
Remaining funds due$75,279
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,180.76
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)$456.00
Prepaid interest, first (1 days)$23.42
Prepaid interest, second (1 days)$64.12
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 5 moOf the original 30-year loan at 3.620%
Interest already paid$60,989Through Nov 2026
Assumption only · ends Apr 2050$114,401
Assumption + second · ends Apr 2050, second Dec 2056$591,285
New conventional · ends Dec 2056$816,038