Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,949/mo
Lowest payment- Down payment
- $356,434
- Funds due
- $370,779
- Interest + MI left
- $131,850
- First ends
- Jun 2050
Assumption
Assumption + second
$4,027/mo
+$2,078/mo- Down payment
- $66,434
- Funds due
- $82,091
- Interest + MI left
- $589,784
- First ends
- Jun 2050
New loan
New conventional
$4,639/mo
+$2,690/mo- Down payment
- $66,434
- Funds due
- $77,897
- Interest + MI left
- $900,031
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,466 | $303,466 | $593,466 |
| Second mortgage | — | $290,000 | — |
| First P&I | $1,538.22 | $1,538.22 | $4,109.04 |
| Second P&I | — | $2,077.60 | — |
| Mortgage insurance | — | — | $118.69 |
| Taxes, insurance & HOA | $411.17 | $411.17 | $411.17 |
| Total housing payment | $1,949.38 | $4,026.98 | $4,638.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,434
Closing costs & prepaids$15,657
Usable credit−$0
Total buyer cash needed$82,091
Earnest money paid−$0
Remaining funds due$82,091
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,517.33
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)$733.50
Prepaid interest, first (1 days)$27.10
Prepaid interest, second (1 days)$61.58
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 7 moOf the original 30-year loan at 3.260%
Interest already paid$68,908Through Nov 2026
Assumption only · ends Jun 2050$131,850
Assumption + second · ends Jun 2050, second Dec 2056$589,784
New conventional · ends Dec 2056$900,031