Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,869/mo
Lowest payment- Down payment
- $205,159
- Funds due
- $217,412
- Interest + MI left
- $147,152
- First ends
- Oct 2049
Assumption
Assumption + second
$3,006/mo
+$1,137/mo- Down payment
- $50,159
- Funds due
- $63,696
- Interest + MI left
- $401,593
- First ends
- Oct 2049
New loan
New conventional
$3,463/mo
+$1,594/mo- Down payment
- $50,159
- Funds due
- $59,709
- Interest + MI left
- $680,698
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,841 | $293,841 | $448,841 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,603.61 | $1,603.61 | $3,107.68 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $89.77 |
| Taxes, insurance & HOA | $265.08 | $265.08 | $265.08 |
| Total housing payment | $1,868.69 | $3,006.03 | $3,462.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,159
Closing costs & prepaids$13,537
Usable credit−$0
Total buyer cash needed$63,696
Earnest money paid−$0
Remaining funds due$63,696
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,469.20
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)$295.25
Prepaid interest, first (1 days)$30.67
Prepaid interest, second (1 days)$33.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing22 yr 11 moOf the original 30-year loan at 3.810%
Interest already paid$86,414Through Nov 2026
Assumption only · ends Oct 2049$147,152
Assumption + second · ends Oct 2049, second Dec 2056$401,593
New conventional · ends Dec 2056$680,698