Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,520/mo
Lowest payment- Down payment
- $295,806
- Funds due
- $308,500
- Interest + MI left
- $94,548
- First ends
- Nov 2050
Assumption
Assumption + second
$3,254/mo
+$1,734/mo- Down payment
- $53,806
- Funds due
- $68,110
- Interest + MI left
- $476,686
- First ends
- Nov 2050
New loan
New conventional
$3,692/mo
+$2,172/mo- Down payment
- $53,806
- Funds due
- $64,522
- Interest + MI left
- $694,717
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,194 | $233,194 | $475,194 |
| Second mortgage | — | $242,000 | — |
| First P&I | $1,141.96 | $1,141.96 | $3,219.13 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | — | — | $95.04 |
| Taxes, insurance & HOA | $378.25 | $378.25 | $378.25 |
| Total housing payment | $1,520.21 | $3,253.92 | $3,692.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,806
Closing costs & prepaids$14,303
Usable credit−$0
Total buyer cash needed$68,110
Earnest money paid−$0
Remaining funds due$68,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,165.97
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)$634.75
Prepaid interest, first (7 days)$135.06
Prepaid interest, second (7 days)$359.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 11 moOf the original 30-year loan at 3.02%
Interest already paid$46,388Through Dec 2026
Assumption only · ends Nov 2050$94,548
Assumption + second · ends Nov 2050, second Jan 2057$476,686
New conventional · ends Jan 2057$694,717