Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,296/mo
Lowest payment- Down payment
- $200,230
- Funds due
- $210,973
- Interest + MI left
- $89,065
- First ends
- Oct 2050
Assumption
Assumption + second
$2,455/mo
+$1,159/mo- Down payment
- $42,230
- Funds due
- $54,258
- Interest + MI left
- $348,430
- First ends
- Oct 2050
New loan
New conventional
$2,910/mo
+$1,615/mo- Down payment
- $42,230
- Funds due
- $50,718
- Interest + MI left
- $572,762
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,670 | $219,670 | $377,670 |
| Second mortgage | — | $158,000 | — |
| First P&I | $1,075.73 | $1,075.73 | $2,614.91 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | — | — | $75.53 |
| Taxes, insurance & HOA | $219.92 | $219.92 | $219.92 |
| Total housing payment | $1,295.65 | $2,454.99 | $2,910.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,230
Closing costs & prepaids$12,028
Usable credit−$0
Total buyer cash needed$54,258
Earnest money paid−$0
Remaining funds due$54,258
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,098.35
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$209.75
Prepaid interest, first (1 days)$18.18
Prepaid interest, second (1 days)$34.63
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 11 moOf the original 30-year loan at 3.020%
Interest already paid$43,698Through Nov 2026
Assumption only · ends Oct 2050$89,065
Assumption + second · ends Oct 2050, second Dec 2056$348,430
New conventional · ends Dec 2056$572,762