Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,970/mo
Lowest payment- Down payment
- $436,408
- Funds due
- $452,421
- Interest + MI left
- $122,887
- First ends
- Sep 2050
Assumption
Assumption + second
$4,571/mo
+$2,601/mo- Down payment
- $73,408
- Funds due
- $91,133
- Interest + MI left
- $696,095
- First ends
- Sep 2050
New loan
New conventional
$5,088/mo
+$3,118/mo- Down payment
- $73,408
- Funds due
- $87,050
- Interest + MI left
- $960,046
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,592 | $293,592 | $656,592 |
| Second mortgage | — | $363,000 | — |
| First P&I | $1,461.33 | $1,461.33 | $4,447.98 |
| Second P&I | — | $2,600.58 | — |
| Mortgage insurance | — | — | $131.32 |
| Taxes, insurance & HOA | $508.67 | $508.67 | $508.67 |
| Total housing payment | $1,970.00 | $4,570.58 | $5,087.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,408
Closing costs & prepaids$17,725
Usable credit−$0
Total buyer cash needed$91,133
Earnest money paid−$0
Remaining funds due$91,133
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,467.96
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)$876.00
Prepaid interest, first (6 days)$151.06
Prepaid interest, second (6 days)$462.45
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 9 moOf the original 30-year loan at 3.13%
Interest already paid$62,275Through Dec 2026
Assumption only · ends Sep 2050$122,887
Assumption + second · ends Sep 2050, second Jan 2057$696,095
New conventional · ends Jan 2057$960,046