Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,528/mo
Lowest payment- Down payment
- $397,830
- Funds due
- $411,546
- Interest + MI left
- $98,146
- First ends
- Dec 2050
Assumption
Assumption + second
$3,906/mo
+$2,378/mo- Down payment
- $65,830
- Funds due
- $80,937
- Interest + MI left
- $622,402
- First ends
- Dec 2050
New loan
New conventional
$4,477/mo
+$2,949/mo- Down payment
- $65,830
- Funds due
- $77,031
- Interest + MI left
- $885,816
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,170 | $252,170 | $584,170 |
| Second mortgage | — | $332,000 | — |
| First P&I | $1,212.17 | $1,212.17 | $4,044.68 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | — | — | $116.83 |
| Taxes, insurance & HOA | $315.75 | $315.75 | $315.75 |
| Total housing payment | $1,527.92 | $3,906.40 | $4,477.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,830
Closing costs & prepaids$15,107
Usable credit−$0
Total buyer cash needed$80,937
Earnest money paid−$0
Remaining funds due$80,937
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,260.85
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)$447.25
Prepaid interest, first (2 days)$39.93
Prepaid interest, second (2 days)$140.99
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 closing24 yr 1 moOf the original 30-year loan at 2.890%
Interest already paid$46,633Through Nov 2026
Assumption only · ends Dec 2050$98,146
Assumption + second · ends Dec 2050, second Dec 2056$622,402
New conventional · ends Dec 2056$885,816