Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,506/mo
Lowest payment- Down payment
- $396,804
- Funds due
- $410,284
- Interest + MI left
- $91,724
- First ends
- Aug 2050
Assumption
Assumption + second
$3,906/mo
+$2,400/mo- Down payment
- $61,804
- Funds due
- $76,677
- Interest + MI left
- $620,717
- First ends
- Aug 2050
New loan
New conventional
$4,341/mo
+$2,835/mo- Down payment
- $61,804
- Funds due
- $72,993
- Interest + MI left
- $831,115
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,096 | $213,096 | $548,096 |
| Second mortgage | — | $335,000 | — |
| First P&I | $1,069.54 | $1,069.54 | $3,794.91 |
| Second P&I | — | $2,399.98 | — |
| Mortgage insurance | — | — | $109.62 |
| Taxes, insurance & HOA | $436.92 | $436.92 | $436.92 |
| Total housing payment | $1,506.46 | $3,906.44 | $4,341.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,804
Closing costs & prepaids$14,873
Usable credit−$0
Total buyer cash needed$76,677
Earnest money paid−$0
Remaining funds due$76,677
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,065.48
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)$810.75
Prepaid interest, first (2 days)$37.48
Prepaid interest, second (2 days)$142.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 3.210%
Interest already paid$46,312Through Nov 2026
Assumption only · ends Aug 2050$91,724
Assumption + second · ends Aug 2050, second Dec 2056$620,717
New conventional · ends Dec 2056$831,115