Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,424/mo
Lowest payment- Down payment
- $301,814
- Funds due
- $318,422
- Interest + MI left
- $123,451
- First ends
- Sep 2050
Assumption
Assumption + second
$4,065/mo
+$1,641/mo- Down payment
- $72,814
- Funds due
- $90,964
- Interest + MI left
- $485,061
- First ends
- Sep 2050
New loan
New conventional
$5,055/mo
+$2,630/mo- Down payment
- $72,814
- Funds due
- $86,400
- Interest + MI left
- $953,458
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $423,086 | $423,086 | $652,086 |
| Second mortgage | — | $229,000 | — |
| First P&I | $1,917.68 | $1,917.68 | $4,417.46 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | — | — | $130.42 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $2,424.34 | $4,064.93 | $5,054.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,814
Closing costs & prepaids$18,151
Usable credit−$0
Total buyer cash needed$90,964
Earnest money paid−$0
Remaining funds due$90,964
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,115.43
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)$870.00
Prepaid interest, first (6 days)$156.48
Prepaid interest, second (6 days)$291.74
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 9 moOf the original 30-year loan at 2.25%
Interest already paid$65,226Through Dec 2026
Assumption only · ends Sep 2050$123,451
Assumption + second · ends Sep 2050, second Jan 2057$485,061
New conventional · ends Jan 2057$953,458