Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,087/mo
Lowest payment- Down payment
- $207,098
- Funds due
- $220,154
- Interest + MI left
- $138,106
- First ends
- Jan 2050
Assumption
Assumption + second
$3,247/mo
+$1,159/mo- Down payment
- $49,098
- Funds due
- $63,473
- Interest + MI left
- $397,471
- First ends
- Jan 2050
New loan
New conventional
$3,712/mo
+$1,625/mo- Down payment
- $49,098
- Funds due
- $59,579
- Interest + MI left
- $667,899
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,402 | $282,402 | $440,402 |
| Second mortgage | — | $158,000 | — |
| First P&I | $1,512.62 | $1,512.62 | $3,049.25 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | — | — | $88.08 |
| Taxes, insurance & HOA | $574.58 | $574.58 | $574.58 |
| Total housing payment | $2,087.20 | $3,246.55 | $3,711.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,098
Closing costs & prepaids$14,375
Usable credit−$0
Total buyer cash needed$63,473
Earnest money paid−$0
Remaining funds due$63,473
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,895.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,412.01
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)$1,223.75
Prepaid interest, first (2 days)$57.10
Prepaid interest, second (2 days)$69.26
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 2 moOf the original 30-year loan at 3.690%
Interest already paid$77,405Through Nov 2026
Assumption only · ends Jan 2050$138,106
Assumption + second · ends Jan 2050, second Dec 2056$397,471
New conventional · ends Dec 2056$667,899