Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,915/mo
Lowest payment- Down payment
- $200,572
- Funds due
- $216,484
- Interest + MI left
- $222,739
- First ends
- Dec 2050
Assumption
Assumption + second
$3,877/mo
+$961/mo- Down payment
- $69,572
- Funds due
- $86,906
- Interest + MI left
- $437,783
- First ends
- Dec 2050
New loan
New conventional
$4,770/mo
+$1,854/mo- Down payment
- $69,572
- Funds due
- $82,012
- Interest + MI left
- $907,168
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $489,428 | $489,428 | $620,428 |
| Second mortgage | — | $131,000 | — |
| First P&I | $2,472.80 | $2,472.80 | $4,203.00 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | — | — | $124.09 |
| Taxes, insurance & HOA | $442.67 | $442.67 | $442.67 |
| Total housing payment | $2,915.47 | $3,876.70 | $4,769.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,572
Closing costs & prepaids$17,334
Usable credit−$0
Total buyer cash needed$86,906
Earnest money paid−$0
Remaining funds due$86,906
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,447.14
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)$828.00
Prepaid interest, first (6 days)$268.72
Prepaid interest, second (6 days)$172.27
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 closing24 yrOf the original 30-year loan at 3.34%
Interest already paid$105,675Through Dec 2026
Assumption only · ends Dec 2050$222,739
Assumption + second · ends Dec 2050, second Jan 2057$437,783
New conventional · ends Jan 2057$907,168