Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,041/mo
Lowest payment- Down payment
- $189,256
- Funds due
- $202,069
- Interest + MI left
- $154,738
- First ends
- Feb 2050
Assumption
Assumption + second
$3,061/mo
+$1,020/mo- Down payment
- $50,256
- Funds due
- $64,502
- Interest + MI left
- $382,914
- First ends
- Feb 2050
New loan
New conventional
$3,503/mo
+$1,462/mo- Down payment
- $50,256
- Funds due
- $60,559
- Interest + MI left
- $657,600
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,744 | $310,744 | $449,744 |
| Second mortgage | — | $139,000 | — |
| First P&I | $1,674.39 | $1,674.39 | $3,046.72 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | — | — | $89.95 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,041.06 | $3,060.99 | $3,503.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,256
Closing costs & prepaids$14,246
Usable credit−$0
Total buyer cash needed$64,502
Earnest money paid−$0
Remaining funds due$64,502
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,553.72
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)$600.00
Prepaid interest, first (6 days)$191.55
Prepaid interest, second (6 days)$182.79
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 2 moOf the original 30-year loan at 3.75%
Interest already paid$86,494Through Dec 2026
Assumption only · ends Feb 2050$154,738
Assumption + second · ends Feb 2050, second Jan 2057$382,914
New conventional · ends Jan 2057$657,600