Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,439/mo
Lowest payment- Down payment
- $478,103
- Funds due
- $492,149
- Interest + MI left
- $94,633
- First ends
- Jul 2050
Assumption
Assumption + second
$4,370/mo
+$2,930/mo- Down payment
- $69,103
- Funds due
- $84,573
- Interest + MI left
- $740,478
- First ends
- Jul 2050
New loan
New conventional
$4,783/mo
+$3,344/mo- Down payment
- $69,103
- Funds due
- $80,819
- Interest + MI left
- $941,632
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,897 | $211,897 | $620,897 |
| Second mortgage | — | $409,000 | — |
| First P&I | $1,079.33 | $1,079.33 | $4,298.97 |
| Second P&I | — | $2,930.13 | — |
| Mortgage insurance | — | — | $124.18 |
| Taxes, insurance & HOA | $360.08 | $360.08 | $360.08 |
| Total housing payment | $1,439.42 | $4,369.54 | $4,783.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,103
Closing costs & prepaids$15,470
Usable credit−$0
Total buyer cash needed$84,573
Earnest money paid−$0
Remaining funds due$84,573
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,059.49
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)$580.25
Prepaid interest, first (2 days)$38.66
Prepaid interest, second (2 days)$173.68
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 8 moOf the original 30-year loan at 3.330%
Interest already paid$48,406Through Nov 2026
Assumption only · ends Jul 2050$94,633
Assumption + second · ends Jul 2050, second Dec 2056$740,478
New conventional · ends Dec 2056$941,632