Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,353/mo
Lowest payment- Down payment
- $286,085
- Funds due
- $298,159
- Interest + MI left
- $81,176
- First ends
- Dec 2050
Assumption
Assumption + second
$3,050/mo
+$1,698/mo- Down payment
- $49,085
- Funds due
- $62,711
- Interest + MI left
- $455,419
- First ends
- Dec 2050
New loan
New conventional
$3,438/mo
+$2,085/mo- Down payment
- $49,085
- Funds due
- $59,278
- Interest + MI left
- $644,691
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,915 | $203,915 | $440,915 |
| Second mortgage | — | $237,000 | — |
| First P&I | $989.90 | $989.90 | $2,986.91 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $88.18 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $1,352.57 | $3,050.47 | $3,437.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,085
Closing costs & prepaids$13,627
Usable credit−$0
Total buyer cash needed$62,711
Earnest money paid−$0
Remaining funds due$62,711
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,019.58
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)$588.00
Prepaid interest, first (6 days)$99.22
Prepaid interest, second (6 days)$301.93
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 closing24 yrOf the original 30-year loan at 2.96%
Interest already paid$39,188Through Dec 2026
Assumption only · ends Dec 2050$81,176
Assumption + second · ends Dec 2050, second Jan 2057$455,419
New conventional · ends Jan 2057$644,691