Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,914/mo
Lowest payment- Down payment
- $249,862
- Funds due
- $266,832
- Interest + MI left
- $208,658
- First ends
- Aug 2050
Assumption
Assumption + second
$4,213/mo
+$1,299/mo- Down payment
- $72,862
- Funds due
- $91,314
- Interest + MI left
- $499,212
- First ends
- Aug 2050
New loan
New conventional
$5,055/mo
+$2,141/mo- Down payment
- $72,862
- Funds due
- $86,448
- Interest + MI left
- $953,534
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $475,138 | $475,138 | $652,138 |
| Second mortgage | — | $177,000 | — |
| First P&I | $2,407.73 | $2,407.73 | $4,417.81 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $130.43 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $2,914.40 | $4,213.16 | $5,054.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,862
Closing costs & prepaids$18,453
Usable credit−$0
Total buyer cash needed$91,314
Earnest money paid−$0
Remaining funds due$91,314
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,375.69
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)$870.00
Prepaid interest, first (6 days)$256.18
Prepaid interest, second (6 days)$232.77
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 8 moOf the original 30-year loan at 3.28%
Interest already paid$106,974Through Dec 2026
Assumption only · ends Aug 2050$208,658
Assumption + second · ends Aug 2050, second Jan 2057$499,212
New conventional · ends Jan 2057$953,534