Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,784/mo
Lowest payment- Down payment
- $510,138
- Funds due
- $528,948
- Interest + MI left
- $204,053
- First ends
- May 2050
Assumption
Assumption + second
$5,757/mo
+$2,973/mo- Down payment
- $95,138
- Funds due
- $115,286
- Interest + MI left
- $859,373
- First ends
- May 2050
New loan
New conventional
$6,590/mo
+$3,806/mo- Down payment
- $95,138
- Funds due
- $110,136
- Interest + MI left
- $1,296,456
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,862 | $439,862 | $854,862 |
| Second mortgage | — | $415,000 | — |
| First P&I | $2,283.39 | $2,283.39 | $5,918.89 |
| Second P&I | — | $2,973.11 | — |
| Mortgage insurance | — | — | $170.97 |
| Taxes, insurance & HOA | $500.25 | $500.25 | $500.25 |
| Total housing payment | $2,783.64 | $5,756.75 | $6,590.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,138
Closing costs & prepaids$20,148
Usable credit−$0
Total buyer cash needed$115,286
Earnest money paid−$0
Remaining funds due$115,286
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,199.31
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$850.75
Prepaid interest, first (1 days)$41.82
Prepaid interest, second (1 days)$88.12
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 6 moOf the original 30-year loan at 3.470%
Interest already paid$107,566Through Nov 2026
Assumption only · ends May 2050$204,053
Assumption + second · ends May 2050, second Dec 2056$859,373
New conventional · ends Dec 2056$1,296,456