Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$843/mo
Lowest payment- Down payment
- $313,718
- Funds due
- $324,224
- Interest + MI left
- $52,450
- First ends
- Sep 2050
Assumption
Assumption + second
$2,763/mo
+$1,920/mo- Down payment
- $45,718
- Funds due
- $57,531
- Interest + MI left
- $475,644
- First ends
- Sep 2050
New loan
New conventional
$3,060/mo
+$2,216/mo- Down payment
- $45,718
- Funds due
- $54,369
- Interest + MI left
- $611,524
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,282 | $135,282 | $403,282 |
| Second mortgage | — | $268,000 | — |
| First P&I | $656.41 | $656.41 | $2,792.24 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | — | — | $80.66 |
| Taxes, insurance & HOA | $187.00 | $187.00 | $187.00 |
| Total housing payment | $843.41 | $2,763.39 | $3,059.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,718
Closing costs & prepaids$11,813
Usable credit−$0
Total buyer cash needed$57,531
Earnest money paid−$0
Remaining funds due$57,531
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$676.41
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)$111.00
Prepaid interest, first (1 days)$10.79
Prepaid interest, second (1 days)$56.90
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 2.910%
Interest already paid$26,356Through Nov 2026
Assumption only · ends Sep 2050$52,450
Assumption + second · ends Sep 2050, second Dec 2056$475,644
New conventional · ends Dec 2056$611,524