Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,454/mo
Lowest payment- Down payment
- $282,208
- Funds due
- $294,209
- Interest + MI left
- $102,355
- First ends
- Jun 2050
Assumption
Assumption + second
$3,123/mo
+$1,669/mo- Down payment
- $49,208
- Funds due
- $62,509
- Interest + MI left
- $470,282
- First ends
- Jun 2050
New loan
New conventional
$3,498/mo
+$2,044/mo- Down payment
- $49,208
- Funds due
- $58,955
- Interest + MI left
- $668,339
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,692 | $207,692 | $440,692 |
| Second mortgage | — | $233,000 | — |
| First P&I | $1,095.57 | $1,095.57 | $3,051.26 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | — | — | $88.14 |
| Taxes, insurance & HOA | $358.42 | $358.42 | $358.42 |
| Total housing payment | $1,453.99 | $3,123.23 | $3,497.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,208
Closing costs & prepaids$13,301
Usable credit−$0
Total buyer cash needed$62,509
Earnest money paid−$0
Remaining funds due$62,509
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,038.46
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)$575.25
Prepaid interest, first (1 days)$20.77
Prepaid interest, second (1 days)$49.47
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 7 moOf the original 30-year loan at 3.650%
Interest already paid$52,560Through Nov 2026
Assumption only · ends Jun 2050$102,355
Assumption + second · ends Jun 2050, second Dec 2056$470,282
New conventional · ends Dec 2056$668,339