Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,617/mo
Lowest payment- Down payment
- $235,354
- Funds due
- $247,616
- Interest + MI left
- $92,337
- First ends
- Oct 2050
Assumption
Assumption + second
$3,004/mo
+$1,387/mo- Down payment
- $46,354
- Funds due
- $59,949
- Interest + MI left
- $402,590
- First ends
- Oct 2050
New loan
New conventional
$3,456/mo
+$1,839/mo- Down payment
- $46,354
- Funds due
- $56,371
- Interest + MI left
- $625,723
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,646 | $223,646 | $412,646 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,100.99 | $1,100.99 | $2,857.08 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | — | — | $82.53 |
| Taxes, insurance & HOA | $516.00 | $516.00 | $516.00 |
| Total housing payment | $1,616.99 | $3,003.80 | $3,455.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,354
Closing costs & prepaids$13,595
Usable credit−$0
Total buyer cash needed$59,949
Earnest money paid−$0
Remaining funds due$59,949
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,118.23
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)$1,048.00
Prepaid interest, first (2 days)$37.62
Prepaid interest, second (2 days)$82.85
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 11 moOf the original 30-year loan at 3.070%
Interest already paid$45,199Through Nov 2026
Assumption only · ends Oct 2050$92,337
Assumption + second · ends Oct 2050, second Dec 2056$402,590
New conventional · ends Dec 2056$625,723