Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,478/mo
Lowest payment- Down payment
- $477,371
- Funds due
- $491,410
- Interest + MI left
- $106,702
- First ends
- Apr 2050
Assumption
Assumption + second
$4,394/mo
+$2,916/mo- Down payment
- $70,371
- Funds due
- $85,832
- Interest + MI left
- $749,389
- First ends
- Apr 2050
New loan
New conventional
$4,788/mo
+$3,310/mo- Down payment
- $70,371
- Funds due
- $82,016
- Interest + MI left
- $953,358
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,629 | $221,629 | $628,629 |
| Second mortgage | — | $407,000 | — |
| First P&I | $1,168.44 | $1,168.44 | $4,352.50 |
| Second P&I | — | $2,915.80 | — |
| Mortgage insurance | — | — | $125.73 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $1,478.02 | $4,393.82 | $4,787.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,371
Closing costs & prepaids$15,461
Usable credit−$0
Total buyer cash needed$85,832
Earnest money paid−$0
Remaining funds due$85,832
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,108.15
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)$428.75
Prepaid interest, first (2 days)$43.72
Prepaid interest, second (2 days)$172.84
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 5 moOf the original 30-year loan at 3.600%
Interest already paid$56,936Through Nov 2026
Assumption only · ends Apr 2050$106,702
Assumption + second · ends Apr 2050, second Dec 2056$749,389
New conventional · ends Dec 2056$953,358