Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,181/mo
Lowest payment- Down payment
- $323,863
- Funds due
- $344,338
- Interest + MI left
- $301,407
- First ends
- Aug 2049
Assumption
Assumption + second
$5,850/mo
+$1,669/mo- Down payment
- $90,863
- Funds due
- $112,687
- Interest + MI left
- $669,334
- First ends
- Aug 2049
New loan
New conventional
$6,731/mo
+$2,550/mo- Down payment
- $90,863
- Funds due
- $106,957
- Interest + MI left
- $1,227,109
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $576,136 | $576,136 | $809,136 |
| Second mortgage | — | $233,000 | — |
| First P&I | $3,214.44 | $3,214.44 | $5,602.29 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | — | — | $161.83 |
| Taxes, insurance & HOA | $966.67 | $966.67 | $966.67 |
| Total housing payment | $4,181.11 | $5,850.35 | $6,730.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,863
Closing costs & prepaids$21,824
Usable credit−$0
Total buyer cash needed$112,687
Earnest money paid−$0
Remaining funds due$112,687
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,880.68
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,250.00
Prepaid interest, first (2 days)$125.96
Prepaid interest, second (2 days)$98.95
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 closing22 yr 9 moOf the original 30-year loan at 3.990%
Interest already paid$181,677Through Nov 2026
Assumption only · ends Aug 2049$301,407
Assumption + second · ends Aug 2049, second Dec 2056$669,334
New conventional · ends Dec 2056$1,227,109