Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,431/mo
Lowest payment- Down payment
- $392,025
- Funds due
- $408,840
- Interest + MI left
- $168,152
- First ends
- Aug 2050
Assumption
Assumption + second
$4,680/mo
+$2,250/mo- Down payment
- $78,025
- Funds due
- $96,223
- Interest + MI left
- $663,984
- First ends
- Aug 2050
New loan
New conventional
$5,480/mo
+$3,049/mo- Down payment
- $78,025
- Funds due
- $91,542
- Interest + MI left
- $1,064,592
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,975 | $387,975 | $701,975 |
| Second mortgage | — | $314,000 | — |
| First P&I | $1,951.32 | $1,951.32 | $4,860.33 |
| Second P&I | — | $2,249.53 | — |
| Mortgage insurance | — | — | $140.40 |
| Taxes, insurance & HOA | $479.33 | $479.33 | $479.33 |
| Total housing payment | $2,430.66 | $4,680.19 | $5,480.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,025
Closing costs & prepaids$18,198
Usable credit−$0
Total buyer cash needed$96,223
Earnest money paid−$0
Remaining funds due$96,223
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,939.87
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)$788.00
Prepaid interest, first (2 days)$68.67
Prepaid interest, second (2 days)$133.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$84,824Through Nov 2026
Assumption only · ends Aug 2050$168,152
Assumption + second · ends Aug 2050, second Dec 2056$663,984
New conventional · ends Dec 2056$1,064,592