Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,298/mo
Lowest payment- Down payment
- $367,503
- Funds due
- $386,380
- Interest + MI left
- $265,548
- First ends
- Jul 2050
Assumption
Assumption + second
$5,304/mo
+$2,006/mo- Down payment
- $87,503
- Funds due
- $107,987
- Interest + MI left
- $707,691
- First ends
- Jul 2050
New loan
New conventional
$6,059/mo
+$2,761/mo- Down payment
- $87,503
- Funds due
- $102,782
- Interest + MI left
- $1,151,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $507,497 | $507,497 | $787,497 |
| Second mortgage | — | $280,000 | — |
| First P&I | $2,731.60 | $2,731.60 | $5,334.78 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $157.50 |
| Taxes, insurance & HOA | $566.67 | $566.67 | $566.67 |
| Total housing payment | $3,298.27 | $5,304.23 | $6,058.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,503
Closing costs & prepaids$20,483
Usable credit−$0
Total buyer cash needed$107,987
Earnest money paid−$0
Remaining funds due$107,987
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,537.48
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)$1,050.00
Prepaid interest, first (6 days)$321.18
Prepaid interest, second (6 days)$356.71
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 7 moOf the original 30-year loan at 3.85%
Interest already paid$135,160Through Dec 2026
Assumption only · ends Jul 2050$265,548
Assumption + second · ends Jul 2050, second Jan 2057$707,691
New conventional · ends Jan 2057$1,151,451