Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,953/mo
Lowest payment- Down payment
- $206,080
- Funds due
- $219,028
- Interest + MI left
- $136,842
- First ends
- Jun 2050
Assumption
Assumption + second
$3,083/mo
+$1,130/mo- Down payment
- $52,080
- Funds due
- $66,481
- Interest + MI left
- $389,641
- First ends
- Jun 2050
New loan
New conventional
$3,601/mo
+$1,648/mo- Down payment
- $52,080
- Funds due
- $62,547
- Interest + MI left
- $676,719
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,820 | $308,820 | $462,820 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,580.36 | $1,580.36 | $3,135.30 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $92.56 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $1,953.03 | $3,083.02 | $3,600.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,080
Closing costs & prepaids$14,401
Usable credit−$0
Total buyer cash needed$66,481
Earnest money paid−$0
Remaining funds due$66,481
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,544.10
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)$618.00
Prepaid interest, first (6 days)$169.05
Prepaid interest, second (6 days)$202.52
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 6 moOf the original 30-year loan at 3.33%
Interest already paid$72,596Through Dec 2026
Assumption only · ends Jun 2050$136,842
Assumption + second · ends Jun 2050, second Jan 2057$389,641
New conventional · ends Jan 2057$676,719