Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,556/mo
Lowest payment- Down payment
- $253,057
- Funds due
- $265,534
- Interest + MI left
- $94,293
- First ends
- Nov 2050
Assumption
Assumption + second
$3,010/mo
+$1,454/mo- Down payment
- $50,057
- Funds due
- $64,172
- Interest + MI left
- $414,847
- First ends
- Nov 2050
New loan
New conventional
$3,505/mo
+$1,949/mo- Down payment
- $50,057
- Funds due
- $60,628
- Interest + MI left
- $657,890
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,942 | $246,942 | $449,942 |
| Second mortgage | — | $203,000 | — |
| First P&I | $1,188.97 | $1,188.97 | $3,048.06 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | — | — | $89.99 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,555.64 | $3,009.96 | $3,504.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,057
Closing costs & prepaids$14,115
Usable credit−$0
Total buyer cash needed$64,172
Earnest money paid−$0
Remaining funds due$64,172
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,234.71
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)$600.00
Prepaid interest, first (9 days)$174.14
Prepaid interest, second (9 days)$387.92
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 11 moOf the original 30-year loan at 2.86%
Interest already paid$46,609Through Dec 2026
Assumption only · ends Nov 2050$94,293
Assumption + second · ends Nov 2050, second Jan 2057$414,847
New conventional · ends Jan 2057$657,890