Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,685/mo
Lowest payment- Down payment
- $345,470
- Funds due
- $358,709
- Interest + MI left
- $117,006
- First ends
- Feb 2050
Assumption
Assumption + second
$3,741/mo
+$2,056/mo- Down payment
- $58,470
- Funds due
- $73,020
- Interest + MI left
- $570,203
- First ends
- Feb 2050
New loan
New conventional
$4,139/mo
+$2,454/mo- Down payment
- $58,470
- Funds due
- $69,242
- Interest + MI left
- $790,177
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,030 | $234,030 | $521,030 |
| Second mortgage | — | $287,000 | — |
| First P&I | $1,258.19 | $1,258.19 | $3,607.51 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | — | — | $104.21 |
| Taxes, insurance & HOA | $427.17 | $427.17 | $427.17 |
| Total housing payment | $1,685.36 | $3,741.46 | $4,138.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,470
Closing costs & prepaids$14,550
Usable credit−$0
Total buyer cash needed$73,020
Earnest money paid−$0
Remaining funds due$73,020
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,795.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,170.15
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)$781.50
Prepaid interest, first (1 days)$24.04
Prepaid interest, second (1 days)$60.94
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 3.750%
Interest already paid$64,263Through Nov 2026
Assumption only · ends Feb 2050$117,006
Assumption + second · ends Feb 2050, second Dec 2056$570,203
New conventional · ends Dec 2056$790,177