Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,832/mo
Lowest payment- Down payment
- $190,782
- Funds due
- $202,991
- Interest + MI left
- $137,524
- First ends
- Feb 2050
Assumption
Assumption + second
$2,888/mo
+$1,057/mo- Down payment
- $46,782
- Funds due
- $60,430
- Interest + MI left
- $373,908
- First ends
- Feb 2050
New loan
New conventional
$3,266/mo
+$1,434/mo- Down payment
- $46,782
- Funds due
- $56,685
- Interest + MI left
- $610,773
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,718 | $273,718 | $417,718 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,479.29 | $1,479.29 | $2,829.77 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $83.54 |
| Taxes, insurance & HOA | $352.50 | $352.50 | $352.50 |
| Total housing payment | $1,831.79 | $2,888.41 | $3,265.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,782
Closing costs & prepaids$13,649
Usable credit−$0
Total buyer cash needed$60,430
Earnest money paid−$0
Remaining funds due$60,430
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,645.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,368.59
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)$557.50
Prepaid interest, first (6 days)$170.08
Prepaid interest, second (6 days)$189.37
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 2 moOf the original 30-year loan at 3.78%
Interest already paid$76,770Through Dec 2026
Assumption only · ends Feb 2050$137,524
Assumption + second · ends Feb 2050, second Jan 2057$373,908
New conventional · ends Jan 2057$610,773