Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,477/mo
Lowest payment- Down payment
- $277,266
- Funds due
- $289,401
- Interest + MI left
- $98,809
- First ends
- Jul 2050
Assumption
Assumption + second
$3,103/mo
+$1,626/mo- Down payment
- $50,266
- Funds due
- $63,699
- Interest + MI left
- $457,261
- First ends
- Jul 2050
New loan
New conventional
$3,548/mo
+$2,072/mo- Down payment
- $50,266
- Funds due
- $60,063
- Interest + MI left
- $682,052
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,734 | $222,734 | $449,734 |
| Second mortgage | — | $227,000 | — |
| First P&I | $1,132.19 | $1,132.19 | $3,113.87 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $89.95 |
| Taxes, insurance & HOA | $344.42 | $344.42 | $344.42 |
| Total housing payment | $1,476.61 | $3,102.86 | $3,548.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,266
Closing costs & prepaids$13,433
Usable credit−$0
Total buyer cash needed$63,699
Earnest money paid−$0
Remaining funds due$63,699
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,113.67
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)$533.25
Prepaid interest, first (1 days)$20.20
Prepaid interest, second (1 days)$48.20
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 8 moOf the original 30-year loan at 3.310%
Interest already paid$50,588Through Nov 2026
Assumption only · ends Jul 2050$98,809
Assumption + second · ends Jul 2050, second Dec 2056$457,261
New conventional · ends Dec 2056$682,052