Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$961/mo
Lowest payment- Down payment
- $353,376
- Funds due
- $364,845
- Interest + MI left
- $51,105
- First ends
- Oct 2050
Assumption
Assumption + second
$3,146/mo
+$2,185/mo- Down payment
- $48,376
- Funds due
- $61,548
- Interest + MI left
- $532,725
- First ends
- Oct 2050
New loan
New conventional
$3,332/mo
+$2,371/mo- Down payment
- $48,376
- Funds due
- $58,475
- Interest + MI left
- $623,710
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,624 | $121,624 | $426,624 |
| Second mortgage | — | $305,000 | — |
| First P&I | $603.95 | $603.95 | $2,890.10 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | — | — | $85.32 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $960.61 | $3,145.67 | $3,332.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,376
Closing costs & prepaids$13,172
Usable credit−$0
Total buyer cash needed$61,548
Earnest money paid−$0
Remaining funds due$61,548
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$608.12
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)$570.00
Prepaid interest, first (7 days)$73.01
Prepaid interest, second (7 days)$453.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 10 moOf the original 30-year loan at 3.13%
Interest already paid$25,420Through Dec 2026
Assumption only · ends Oct 2050$51,105
Assumption + second · ends Oct 2050, second Jan 2057$532,725
New conventional · ends Jan 2057$623,710