Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,914/mo
Lowest payment- Down payment
- $210,152
- Funds due
- $222,724
- Interest + MI left
- $145,555
- First ends
- Feb 2050
Assumption
Assumption + second
$3,074/mo
+$1,159/mo- Down payment
- $52,152
- Funds due
- $66,009
- Interest + MI left
- $404,921
- First ends
- Feb 2050
New loan
New conventional
$3,597/mo
+$1,683/mo- Down payment
- $52,152
- Funds due
- $61,950
- Interest + MI left
- $701,696
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,748 | $304,748 | $462,748 |
| Second mortgage | — | $158,000 | — |
| First P&I | $1,613.99 | $1,613.99 | $3,203.97 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | — | — | $92.55 |
| Taxes, insurance & HOA | $300.42 | $300.42 | $300.42 |
| Total housing payment | $1,914.41 | $3,073.76 | $3,596.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,152
Closing costs & prepaids$13,857
Usable credit−$0
Total buyer cash needed$66,009
Earnest money paid−$0
Remaining funds due$66,009
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,523.74
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)$401.25
Prepaid interest, first (1 days)$30.06
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 3 moOf the original 30-year loan at 3.600%
Interest already paid$80,481Through Nov 2026
Assumption only · ends Feb 2050$145,555
Assumption + second · ends Feb 2050, second Dec 2056$404,921
New conventional · ends Dec 2056$701,696