Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,649/mo
Lowest payment- Down payment
- $198,851
- Funds due
- $210,849
- Interest + MI left
- $111,942
- First ends
- Sep 2050
Assumption
Assumption + second
$2,757/mo
+$1,108/mo- Down payment
- $47,851
- Funds due
- $61,133
- Interest + MI left
- $359,817
- First ends
- Sep 2050
New loan
New conventional
$3,335/mo
+$1,686/mo- Down payment
- $47,851
- Funds due
- $57,261
- Interest + MI left
- $647,800
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,149 | $276,149 | $427,149 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,356.96 | $1,356.96 | $2,957.49 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $85.43 |
| Taxes, insurance & HOA | $292.17 | $292.17 | $292.17 |
| Total housing payment | $1,649.13 | $2,757.11 | $3,335.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,851
Closing costs & prepaids$13,281
Usable credit−$0
Total buyer cash needed$61,133
Earnest money paid−$0
Remaining funds due$61,133
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,380.74
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)$376.50
Prepaid interest, first (1 days)$22.92
Prepaid interest, second (1 days)$33.10
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$55,939Through Nov 2026
Assumption only · ends Sep 2050$111,942
Assumption + second · ends Sep 2050, second Dec 2056$359,817
New conventional · ends Dec 2056$647,800