Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,456/mo
Lowest payment- Down payment
- $361,386
- Funds due
- $377,765
- Interest + MI left
- $180,163
- First ends
- Mar 2050
Assumption
Assumption + second
$4,519/mo
+$2,063/mo- Down payment
- $73,386
- Funds due
- $91,382
- Interest + MI left
- $634,940
- First ends
- Mar 2050
New loan
New conventional
$5,051/mo
+$2,596/mo- Down payment
- $73,386
- Funds due
- $86,966
- Interest + MI left
- $952,767
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,614 | $363,614 | $651,614 |
| Second mortgage | — | $288,000 | — |
| First P&I | $1,949.02 | $1,949.02 | $4,414.26 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | — | — | $130.32 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $2,455.69 | $4,518.96 | $5,051.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,386
Closing costs & prepaids$17,995
Usable credit−$0
Total buyer cash needed$91,382
Earnest money paid−$0
Remaining funds due$91,382
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,818.07
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)$222.35
Prepaid interest, second (6 days)$366.90
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 3 moOf the original 30-year loan at 3.72%
Interest already paid$99,083Through Dec 2026
Assumption only · ends Mar 2050$180,163
Assumption + second · ends Mar 2050, second Jan 2057$634,940
New conventional · ends Jan 2057$952,767