Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,994/mo
Lowest payment- Down payment
- $261,780
- Funds due
- $275,364
- Interest + MI left
- $120,043
- First ends
- Jun 2050
Assumption
Assumption + second
$3,484/mo
+$1,490/mo- Down payment
- $53,780
- Funds due
- $68,835
- Interest + MI left
- $448,492
- First ends
- Jun 2050
New loan
New conventional
$3,938/mo
+$1,945/mo- Down payment
- $53,780
- Funds due
- $65,037
- Interest + MI left
- $696,312
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,220 | $268,220 | $476,220 |
| Second mortgage | — | $208,000 | — |
| First P&I | $1,376.82 | $1,376.82 | $3,226.08 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | — | — | $95.24 |
| Taxes, insurance & HOA | $617.17 | $617.17 | $617.17 |
| Total housing payment | $1,993.98 | $3,484.12 | $3,938.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,780
Closing costs & prepaids$15,055
Usable credit−$0
Total buyer cash needed$68,835
Earnest money paid−$0
Remaining funds due$68,835
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,341.10
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)$1,351.50
Prepaid interest, first (5 days)$123.45
Prepaid interest, second (5 days)$220.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6 moOf the original 30-year loan at 3.36%
Interest already paid$63,597Through Dec 2026
Assumption only · ends Jun 2050$120,043
Assumption + second · ends Jun 2050, second Jan 2057$448,492
New conventional · ends Jan 2057$696,312