Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,527/mo
Lowest payment- Down payment
- $239,522
- Funds due
- $251,834
- Interest + MI left
- $81,292
- First ends
- Aug 2050
Assumption
Assumption + second
$2,921/mo
+$1,394/mo- Down payment
- $49,522
- Funds due
- $63,375
- Interest + MI left
- $393,187
- First ends
- Aug 2050
New loan
New conventional
$3,427/mo
+$1,900/mo- Down payment
- $49,522
- Funds due
- $59,784
- Interest + MI left
- $642,590
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,478 | $249,478 | $439,478 |
| Second mortgage | — | $190,000 | — |
| First P&I | $1,164.68 | $1,164.68 | $2,977.18 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | — | — | $87.90 |
| Taxes, insurance & HOA | $362.25 | $362.25 | $362.25 |
| Total housing payment | $1,526.93 | $2,921.08 | $3,427.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,522
Closing costs & prepaids$13,853
Usable credit−$0
Total buyer cash needed$63,375
Earnest money paid−$0
Remaining funds due$63,375
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,247.39
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)$586.75
Prepaid interest, first (7 days)$119.61
Prepaid interest, second (7 days)$291.51
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 8 moOf the original 30-year loan at 2.5%
Interest already paid$43,228Through Dec 2026
Assumption only · ends Aug 2050$81,292
Assumption + second · ends Aug 2050, second Jan 2057$393,187
New conventional · ends Jan 2057$642,590