Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,213/mo
Lowest payment- Down payment
- $211,577
- Funds due
- $225,316
- Interest + MI left
- $139,427
- First ends
- Jul 2050
Assumption
Assumption + second
$3,380/mo
+$1,167/mo- Down payment
- $52,577
- Funds due
- $67,705
- Interest + MI left
- $400,434
- First ends
- Jul 2050
New loan
New conventional
$3,885/mo
+$1,672/mo- Down payment
- $52,577
- Funds due
- $63,683
- Interest + MI left
- $682,624
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,423 | $313,423 | $472,423 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,600.18 | $1,600.18 | $3,178.02 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $94.48 |
| Taxes, insurance & HOA | $612.92 | $612.92 | $612.92 |
| Total housing payment | $2,213.09 | $3,379.78 | $3,885.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,577
Closing costs & prepaids$15,128
Usable credit−$0
Total buyer cash needed$67,705
Earnest money paid−$0
Remaining funds due$67,705
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,567.11
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)$1,338.75
Prepaid interest, first (4 days)$114.38
Prepaid interest, second (4 days)$139.40
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 7 moOf the original 30-year loan at 3.33%
Interest already paid$72,636Through Dec 2026
Assumption only · ends Jul 2050$139,427
Assumption + second · ends Jul 2050, second Jan 2057$400,434
New conventional · ends Jan 2057$682,624