Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,745/mo
Lowest payment- Down payment
- $273,617
- Funds due
- $286,575
- Interest + MI left
- $101,102
- First ends
- Aug 2050
Assumption
Assumption + second
$3,342/mo
+$1,598/mo- Down payment
- $50,617
- Funds due
- $65,014
- Interest + MI left
- $453,238
- First ends
- Aug 2050
New loan
New conventional
$3,705/mo
+$1,960/mo- Down payment
- $50,617
- Funds due
- $61,411
- Interest + MI left
- $649,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,383 | $226,383 | $449,383 |
| Second mortgage | — | $223,000 | — |
| First P&I | $1,153.12 | $1,153.12 | $3,023.03 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | — | — | $89.88 |
| Taxes, insurance & HOA | $591.67 | $591.67 | $591.67 |
| Total housing payment | $1,744.78 | $3,342.38 | $3,704.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,617
Closing costs & prepaids$14,397
Usable credit−$0
Total buyer cash needed$65,014
Earnest money paid−$0
Remaining funds due$65,014
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,131.91
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)$1,275.00
Prepaid interest, first (4 days)$82.61
Prepaid interest, second (4 days)$189.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 8 moOf the original 30-year loan at 3.33%
Interest already paid$51,715Through Dec 2026
Assumption only · ends Aug 2050$101,102
Assumption + second · ends Aug 2050, second Jan 2057$453,238
New conventional · ends Jan 2057$649,333