Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,744/mo
Lowest payment- Down payment
- $422,993
- Funds due
- $440,813
- Interest + MI left
- $200,791
- First ends
- Jun 2050
Assumption
Assumption + second
$5,158/mo
+$2,414/mo- Down payment
- $85,993
- Funds due
- $105,135
- Interest + MI left
- $732,942
- First ends
- Jun 2050
New loan
New conventional
$5,968/mo
+$3,224/mo- Down payment
- $85,993
- Funds due
- $100,139
- Interest + MI left
- $1,158,515
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,007 | $427,007 | $764,007 |
| Second mortgage | — | $337,000 | — |
| First P&I | $2,218.37 | $2,218.37 | $5,289.83 |
| Second P&I | — | $2,414.31 | — |
| Mortgage insurance | — | — | $152.80 |
| Taxes, insurance & HOA | $525.42 | $525.42 | $525.42 |
| Total housing payment | $2,743.78 | $5,158.09 | $5,968.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,993
Closing costs & prepaids$19,142
Usable credit−$0
Total buyer cash needed$105,135
Earnest money paid−$0
Remaining funds due$105,135
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,135.04
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)$926.25
Prepaid interest, first (1 days)$40.95
Prepaid interest, second (1 days)$71.55
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 3.500%
Interest already paid$103,802Through Nov 2026
Assumption only · ends Jun 2050$200,791
Assumption + second · ends Jun 2050, second Dec 2056$732,942
New conventional · ends Dec 2056$1,158,515