Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,667/mo
Lowest payment- Down payment
- $401,570
- Funds due
- $415,752
- Interest + MI left
- $105,046
- First ends
- Sep 2050
Assumption
Assumption + second
$4,074/mo
+$2,407/mo- Down payment
- $65,570
- Funds due
- $81,644
- Interest + MI left
- $635,618
- First ends
- Sep 2050
New loan
New conventional
$4,502/mo
+$2,835/mo- Down payment
- $65,570
- Funds due
- $77,903
- Interest + MI left
- $854,387
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,330 | $248,330 | $584,330 |
| Second mortgage | — | $336,000 | — |
| First P&I | $1,239.91 | $1,239.91 | $3,958.45 |
| Second P&I | — | $2,407.15 | — |
| Mortgage insurance | — | — | $116.87 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $1,666.58 | $4,073.73 | $4,501.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,570
Closing costs & prepaids$16,074
Usable credit−$0
Total buyer cash needed$81,644
Earnest money paid−$0
Remaining funds due$81,644
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,241.65
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)$780.00
Prepaid interest, first (9 days)$193.49
Prepaid interest, second (9 days)$642.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.16%
Interest already paid$53,160Through Dec 2026
Assumption only · ends Sep 2050$105,046
Assumption + second · ends Sep 2050, second Jan 2057$635,618
New conventional · ends Jan 2057$854,387