Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$970/mo
Lowest payment- Down payment
- $318,486
- Funds due
- $329,450
- Interest + MI left
- $52,714
- First ends
- Oct 2050
Assumption
Assumption + second
$2,926/mo
+$1,956/mo- Down payment
- $45,486
- Funds due
- $58,048
- Interest + MI left
- $483,804
- First ends
- Oct 2050
New loan
New conventional
$3,144/mo
+$2,174/mo- Down payment
- $45,486
- Funds due
- $54,961
- Interest + MI left
- $590,004
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,514 | $130,514 | $403,514 |
| Second mortgage | — | $273,000 | — |
| First P&I | $640.66 | $640.66 | $2,733.54 |
| Second P&I | — | $1,955.81 | — |
| Mortgage insurance | — | — | $80.70 |
| Taxes, insurance & HOA | $329.58 | $329.58 | $329.58 |
| Total housing payment | $970.24 | $2,926.05 | $3,143.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,486
Closing costs & prepaids$12,562
Usable credit−$0
Total buyer cash needed$58,048
Earnest money paid−$0
Remaining funds due$58,048
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$652.57
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)$538.75
Prepaid interest, first (6 days)$64.79
Prepaid interest, second (6 days)$347.79
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 10 moOf the original 30-year loan at 3.02%
Interest already paid$26,354Through Dec 2026
Assumption only · ends Oct 2050$52,714
Assumption + second · ends Oct 2050, second Jan 2057$483,804
New conventional · ends Jan 2057$590,004