Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,771/mo
Lowest payment- Down payment
- $210,330
- Funds due
- $222,736
- Interest + MI left
- $123,388
- First ends
- Aug 2050
Assumption
Assumption + second
$2,945/mo
+$1,174/mo- Down payment
- $50,330
- Funds due
- $64,022
- Interest + MI left
- $386,036
- First ends
- Aug 2050
New loan
New conventional
$3,525/mo
+$1,754/mo- Down payment
- $50,330
- Funds due
- $60,058
- Interest + MI left
- $681,940
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,660 | $289,660 | $449,660 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,449.29 | $1,449.29 | $3,113.36 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $89.93 |
| Taxes, insurance & HOA | $321.58 | $321.58 | $321.58 |
| Total housing payment | $1,770.87 | $2,944.90 | $3,524.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,330
Closing costs & prepaids$13,691
Usable credit−$0
Total buyer cash needed$64,022
Earnest money paid−$0
Remaining funds due$64,022
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,448.30
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)$464.75
Prepaid interest, first (1 days)$25.24
Prepaid interest, second (1 days)$35.07
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 9 moOf the original 30-year loan at 3.180%
Interest already paid$62,386Through Nov 2026
Assumption only · ends Aug 2050$123,388
Assumption + second · ends Aug 2050, second Dec 2056$386,036
New conventional · ends Dec 2056$681,940