Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,631/mo
Lowest payment- Down payment
- $239,564
- Funds due
- $254,911
- Interest + MI left
- $165,798
- First ends
- Sep 2050
Assumption
Assumption + second
$3,923/mo
+$1,291/mo- Down payment
- $63,564
- Funds due
- $80,239
- Interest + MI left
- $454,711
- First ends
- Sep 2050
New loan
New conventional
$4,722/mo
+$2,090/mo- Down payment
- $63,564
- Funds due
- $75,693
- Interest + MI left
- $859,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $390,436 | $390,436 | $566,436 |
| Second mortgage | — | $176,000 | — |
| First P&I | $1,944.88 | $1,944.88 | $3,921.89 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | — | — | $113.29 |
| Taxes, insurance & HOA | $686.58 | $686.58 | $686.58 |
| Total housing payment | $2,631.46 | $3,922.88 | $4,721.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,564
Closing costs & prepaids$16,675
Usable credit−$0
Total buyer cash needed$80,239
Earnest money paid−$0
Remaining funds due$80,239
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,952.18
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)$1,559.75
Prepaid interest, first (2 days)$67.60
Prepaid interest, second (2 days)$77.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.160%
Interest already paid$82,357Through Nov 2026
Assumption only · ends Sep 2050$165,798
Assumption + second · ends Sep 2050, second Dec 2056$454,711
New conventional · ends Dec 2056$859,038