Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,750/mo
Lowest payment- Down payment
- $369,895
- Funds due
- $384,038
- Interest + MI left
- $109,492
- First ends
- Oct 2050
Assumption
Assumption + second
$3,935/mo
+$2,185/mo- Down payment
- $64,895
- Funds due
- $80,742
- Interest + MI left
- $591,113
- First ends
- Oct 2050
New loan
New conventional
$4,434/mo
+$2,684/mo- Down payment
- $64,895
- Funds due
- $76,881
- Interest + MI left
- $840,899
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,105 | $270,105 | $575,105 |
| Second mortgage | — | $305,000 | — |
| First P&I | $1,327.26 | $1,327.26 | $3,895.96 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | — | — | $115.02 |
| Taxes, insurance & HOA | $422.67 | $422.67 | $422.67 |
| Total housing payment | $1,749.93 | $3,934.99 | $4,433.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,895
Closing costs & prepaids$15,847
Usable credit−$0
Total buyer cash needed$80,742
Earnest money paid−$0
Remaining funds due$80,742
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,350.53
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)$768.00
Prepaid interest, first (7 days)$156.96
Prepaid interest, second (7 days)$453.32
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 10 moOf the original 30-year loan at 3.03%
Interest already paid$54,715Through Dec 2026
Assumption only · ends Oct 2050$109,492
Assumption + second · ends Oct 2050, second Jan 2057$591,113
New conventional · ends Jan 2057$840,899