Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,114/mo
Lowest payment- Down payment
- $353,520
- Funds due
- $372,094
- Interest + MI left
- $221,597
- First ends
- Jul 2050
Assumption
Assumption + second
$5,034/mo
+$1,920/mo- Down payment
- $85,520
- Funds due
- $105,685
- Interest + MI left
- $644,792
- First ends
- Jul 2050
New loan
New conventional
$5,925/mo
+$2,812/mo- Down payment
- $85,520
- Funds due
- $100,574
- Interest + MI left
- $1,125,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $501,480 | $501,480 | $769,480 |
| Second mortgage | — | $268,000 | — |
| First P&I | $2,555.04 | $2,555.04 | $5,212.73 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | — | — | $153.90 |
| Taxes, insurance & HOA | $558.67 | $558.67 | $558.67 |
| Total housing payment | $3,113.71 | $5,033.70 | $5,925.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,520
Closing costs & prepaids$20,166
Usable credit−$0
Total buyer cash needed$105,685
Earnest money paid−$0
Remaining funds due$105,685
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,507.40
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,026.00
Prepaid interest, first (6 days)$272.86
Prepaid interest, second (6 days)$341.42
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$115,549Through Dec 2026
Assumption only · ends Jul 2050$221,597
Assumption + second · ends Jul 2050, second Jan 2057$644,792
New conventional · ends Jan 2057$1,125,107