Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,409/mo
Lowest payment- Down payment
- $365,993
- Funds due
- $378,814
- Interest + MI left
- $71,116
- First ends
- May 2050
Assumption
Assumption + second
$3,659/mo
+$2,250/mo- Down payment
- $51,993
- Funds due
- $66,330
- Interest + MI left
- $566,949
- First ends
- May 2050
New loan
New conventional
$3,850/mo
+$2,440/mo- Down payment
- $51,993
- Funds due
- $63,037
- Interest + MI left
- $676,193
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,907 | $153,907 | $467,907 |
| Second mortgage | — | $314,000 | — |
| First P&I | $800.80 | $800.80 | $3,147.64 |
| Second P&I | — | $2,249.53 | — |
| Mortgage insurance | — | — | $93.58 |
| Taxes, insurance & HOA | $608.58 | $608.58 | $608.58 |
| Total housing payment | $1,409.38 | $3,658.91 | $3,849.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,993
Closing costs & prepaids$14,337
Usable credit−$0
Total buyer cash needed$66,330
Earnest money paid−$0
Remaining funds due$66,330
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$769.54
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)$1,325.75
Prepaid interest, first (4 days)$58.53
Prepaid interest, second (4 days)$266.68
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$38,170Through Dec 2026
Assumption only · ends May 2050$71,116
Assumption + second · ends May 2050, second Jan 2057$566,949
New conventional · ends Jan 2057$676,193