Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,266/mo
Lowest payment- Down payment
- $357,148
- Funds due
- $372,574
- Interest + MI left
- $131,025
- First ends
- Jun 2050
Assumption
Assumption + second
$4,351/mo
+$2,085/mo- Down payment
- $66,148
- Funds due
- $83,195
- Interest + MI left
- $590,539
- First ends
- Jun 2050
New loan
New conventional
$4,869/mo
+$2,603/mo- Down payment
- $66,148
- Funds due
- $79,144
- Interest + MI left
- $868,164
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,752 | $302,752 | $593,752 |
| Second mortgage | — | $291,000 | — |
| First P&I | $1,538.22 | $1,538.22 | $4,022.28 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | — | — | $118.75 |
| Taxes, insurance & HOA | $727.58 | $727.58 | $727.58 |
| Total housing payment | $2,265.80 | $4,350.56 | $4,868.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,148
Closing costs & prepaids$17,046
Usable credit−$0
Total buyer cash needed$83,195
Earnest money paid−$0
Remaining funds due$83,195
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,513.76
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)$1,682.75
Prepaid interest, first (6 days)$162.24
Prepaid interest, second (6 days)$370.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.26%
Interest already paid$69,733Through Dec 2026
Assumption only · ends Jun 2050$131,025
Assumption + second · ends Jun 2050, second Jan 2057$590,539
New conventional · ends Jan 2057$868,164