Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,724/mo
Lowest payment- Down payment
- $248,617
- Funds due
- $261,261
- Interest + MI left
- $101,102
- First ends
- Aug 2050
Assumption
Assumption + second
$3,164/mo
+$1,440/mo- Down payment
- $47,617
- Funds due
- $61,682
- Interest + MI left
- $418,498
- First ends
- Aug 2050
New loan
New conventional
$3,531/mo
+$1,807/mo- Down payment
- $47,617
- Funds due
- $58,110
- Interest + MI left
- $617,544
- 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 | $427,383 |
| Second mortgage | — | $201,000 | — |
| First P&I | $1,153.12 | $1,153.12 | $2,875.03 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | — | — | $85.48 |
| Taxes, insurance & HOA | $570.42 | $570.42 | $570.42 |
| Total housing payment | $1,723.53 | $3,163.52 | $3,530.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,617
Closing costs & prepaids$14,064
Usable credit−$0
Total buyer cash needed$61,682
Earnest money paid−$0
Remaining funds due$61,682
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
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)$1,211.25
Prepaid interest, first (4 days)$82.61
Prepaid interest, second (4 days)$170.71
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$418,498
New conventional · ends Jan 2057$617,544