Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,306/mo
Lowest payment- Down payment
- $383,288
- Funds due
- $399,114
- Interest + MI left
- $128,345
- First ends
- Sep 2050
Assumption
Assumption + second
$4,548/mo
+$2,242/mo- Down payment
- $70,288
- Funds due
- $87,431
- Interest + MI left
- $622,598
- First ends
- Sep 2050
New loan
New conventional
$5,235/mo
+$2,929/mo- Down payment
- $70,288
- Funds due
- $83,137
- Interest + MI left
- $954,849
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,612 | $316,612 | $629,612 |
| Second mortgage | — | $313,000 | — |
| First P&I | $1,555.79 | $1,555.79 | $4,359.31 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | — | — | $125.92 |
| Taxes, insurance & HOA | $749.92 | $749.92 | $749.92 |
| Total housing payment | $2,305.71 | $4,548.08 | $5,235.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,288
Closing costs & prepaids$17,143
Usable credit−$0
Total buyer cash needed$87,431
Earnest money paid−$0
Remaining funds due$87,431
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,583.06
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)$1,749.75
Prepaid interest, first (1 days)$26.28
Prepaid interest, second (1 days)$66.46
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 10 moOf the original 30-year loan at 3.030%
Interest already paid$64,135Through Nov 2026
Assumption only · ends Sep 2050$128,345
Assumption + second · ends Sep 2050, second Dec 2056$622,598
New conventional · ends Dec 2056$954,849