Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,617/mo
Lowest payment- Down payment
- $118,984
- Funds due
- $129,901
- Interest + MI left
- $112,644
- First ends
- Aug 2050
Assumption
Assumption + second
$2,261/mo
+$644/mo- Down payment
- $38,984
- Funds due
- $51,269
- Interest + MI left
- $264,376
- First ends
- Aug 2050
New loan
New conventional
$2,680/mo
+$1,062/mo- Down payment
- $38,984
- Funds due
- $47,677
- Interest + MI left
- $498,407
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,916 | $260,916 | $340,916 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,315.35 | $1,315.35 | $2,309.48 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $68.18 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,617.35 | $2,261.05 | $2,679.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,984
Closing costs & prepaids$12,284
Usable credit−$0
Total buyer cash needed$51,269
Earnest money paid−$0
Remaining funds due$51,269
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,304.58
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$456.00
Prepaid interest, first (6 days)$138.54
Prepaid interest, second (6 days)$118.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 8 moOf the original 30-year loan at 3.23%
Interest already paid$57,882Through Dec 2026
Assumption only · ends Aug 2050$112,644
Assumption + second · ends Aug 2050, second Jan 2057$264,376
New conventional · ends Jan 2057$498,407