Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,329/mo
Lowest payment- Down payment
- $227,787
- Funds due
- $239,107
- Interest + MI left
- $98,279
- First ends
- Dec 2050
Assumption
Assumption + second
$2,657/mo
+$1,328/mo- Down payment
- $46,787
- Funds due
- $59,436
- Interest + MI left
- $395,400
- First ends
- Dec 2050
New loan
New conventional
$3,125/mo
+$1,796/mo- Down payment
- $46,787
- Funds due
- $55,817
- Interest + MI left
- $625,066
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,213 | $231,213 | $412,213 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,140.11 | $1,140.11 | $2,854.08 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | — | — | $82.44 |
| Taxes, insurance & HOA | $188.67 | $188.67 | $188.67 |
| Total housing payment | $1,328.77 | $2,656.89 | $3,125.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,787
Closing costs & prepaids$12,649
Usable credit−$0
Total buyer cash needed$59,436
Earnest money paid−$0
Remaining funds due$59,436
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%)$1,156.06
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)$66.00
Prepaid interest, first (2 days)$39.65
Prepaid interest, second (2 days)$79.34
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 closing24 yr 1 moOf the original 30-year loan at 3.130%
Interest already paid$46,182Through Nov 2026
Assumption only · ends Dec 2050$98,279
Assumption + second · ends Dec 2050, second Dec 2056$395,400
New conventional · ends Dec 2056$625,066