Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,404/mo
Lowest payment- Down payment
- $520,119
- Funds due
- $535,101
- Interest + MI left
- $88,797
- First ends
- Aug 2050
Assumption
Assumption + second
$4,606/mo
+$3,202/mo- Down payment
- $73,119
- Funds due
- $89,446
- Interest + MI left
- $794,648
- First ends
- Aug 2050
New loan
New conventional
$5,018/mo
+$3,613/mo- Down payment
- $73,119
- Funds due
- $85,666
- Interest + MI left
- $988,621
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,881 | $204,881 | $651,881 |
| Second mortgage | — | $447,000 | — |
| First P&I | $1,030.45 | $1,030.45 | $4,513.49 |
| Second P&I | — | $3,202.36 | — |
| Mortgage insurance | — | — | $130.38 |
| Taxes, insurance & HOA | $373.67 | $373.67 | $373.67 |
| Total housing payment | $1,404.12 | $4,606.48 | $5,017.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,119
Closing costs & prepaids$16,326
Usable credit−$0
Total buyer cash needed$89,446
Earnest money paid−$0
Remaining funds due$89,446
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,024.40
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$471.00
Prepaid interest, first (1 days)$18.13
Prepaid interest, second (1 days)$94.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 3.230%
Interest already paid$44,794Through Nov 2026
Assumption only · ends Aug 2050$88,797
Assumption + second · ends Aug 2050, second Dec 2056$794,648
New conventional · ends Dec 2056$988,621