Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,121/mo
Lowest payment- Down payment
- $344,505
- Funds due
- $359,480
- Interest + MI left
- $139,432
- First ends
- Aug 2050
Assumption
Assumption + second
$4,098/mo
+$1,977/mo- Down payment
- $68,505
- Funds due
- $85,081
- Interest + MI left
- $575,259
- First ends
- Aug 2050
New loan
New conventional
$4,722/mo
+$2,601/mo- Down payment
- $68,505
- Funds due
- $80,864
- Interest + MI left
- $897,762
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,995 | $337,995 | $613,995 |
| Second mortgage | — | $276,000 | — |
| First P&I | $1,681.08 | $1,681.08 | $4,159.42 |
| Second P&I | — | $1,977.30 | — |
| Mortgage insurance | — | — | $122.80 |
| Taxes, insurance & HOA | $439.67 | $439.67 | $439.67 |
| Total housing payment | $2,120.74 | $4,098.04 | $4,721.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,505
Closing costs & prepaids$16,576
Usable credit−$0
Total buyer cash needed$85,081
Earnest money paid−$0
Remaining funds due$85,081
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,825.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,689.97
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)$819.00
Prepaid interest, first (6 days)$172.24
Prepaid interest, second (6 days)$351.62
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 8 moOf the original 30-year loan at 3.1%
Interest already paid$72,076Through Dec 2026
Assumption only · ends Aug 2050$139,432
Assumption + second · ends Aug 2050, second Jan 2057$575,259
New conventional · ends Jan 2057$897,762