Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,128/mo
Lowest payment- Down payment
- $220,300
- Funds due
- $233,828
- Interest + MI left
- $143,765
- First ends
- Jul 2050
Assumption
Assumption + second
$3,339/mo
+$1,211/mo- Down payment
- $55,300
- Funds due
- $70,114
- Interest + MI left
- $414,621
- First ends
- Jul 2050
New loan
New conventional
$3,985/mo
+$1,857/mo- Down payment
- $55,300
- Funds due
- $65,905
- Interest + MI left
- $750,094
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,600 | $329,600 | $494,600 |
| Second mortgage | — | $165,000 | — |
| First P&I | $1,666.78 | $1,666.78 | $3,424.51 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | — | — | $98.92 |
| Taxes, insurance & HOA | $461.25 | $461.25 | $461.25 |
| Total housing payment | $2,128.03 | $3,338.74 | $3,984.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,300
Closing costs & prepaids$14,814
Usable credit−$0
Total buyer cash needed$70,114
Earnest money paid−$0
Remaining funds due$70,114
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,648.00
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)$883.75
Prepaid interest, first (1 days)$29.44
Prepaid interest, second (1 days)$36.16
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 closing23 yr 8 moOf the original 30-year loan at 3.260%
Interest already paid$73,772Through Nov 2026
Assumption only · ends Jul 2050$143,765
Assumption + second · ends Jul 2050, second Dec 2056$414,621
New conventional · ends Dec 2056$750,094