Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,159/mo
Lowest payment- Down payment
- $260,565
- Funds due
- $274,691
- Interest + MI left
- $141,593
- First ends
- Sep 2050
Assumption
Assumption + second
$3,599/mo
+$1,440/mo- Down payment
- $59,565
- Funds due
- $75,026
- Interest + MI left
- $458,989
- First ends
- Sep 2050
New loan
New conventional
$4,305/mo
+$2,146/mo- Down payment
- $59,565
- Funds due
- $70,794
- Interest + MI left
- $810,507
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,435 | $333,435 | $534,435 |
| Second mortgage | — | $201,000 | — |
| First P&I | $1,660.94 | $1,660.94 | $3,700.32 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | — | — | $106.89 |
| Taxes, insurance & HOA | $497.67 | $497.67 | $497.67 |
| Total housing payment | $2,158.60 | $3,598.59 | $4,304.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,565
Closing costs & prepaids$15,461
Usable credit−$0
Total buyer cash needed$75,026
Earnest money paid−$0
Remaining funds due$75,026
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,667.17
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)$993.00
Prepaid interest, first (2 days)$57.73
Prepaid interest, second (2 days)$85.36
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$70,333Through Nov 2026
Assumption only · ends Sep 2050$141,593
Assumption + second · ends Sep 2050, second Dec 2056$458,989
New conventional · ends Dec 2056$810,507