Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,019/mo
Lowest payment- Down payment
- $143,575
- Funds due
- $156,347
- Interest + MI left
- $134,391
- First ends
- Nov 2050
Assumption
Assumption + second
$2,783/mo
+$764/mo- Down payment
- $48,575
- Funds due
- $62,737
- Interest + MI left
- $314,571
- First ends
- Nov 2050
New loan
New conventional
$3,404/mo
+$1,386/mo- Down payment
- $48,575
- Funds due
- $58,711
- Interest + MI left
- $638,126
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,425 | $341,425 | $436,425 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,657.89 | $1,657.89 | $2,956.49 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $87.29 |
| Taxes, insurance & HOA | $360.67 | $360.67 | $360.67 |
| Total housing payment | $2,018.56 | $2,782.95 | $3,404.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,575
Closing costs & prepaids$14,163
Usable credit−$0
Total buyer cash needed$62,737
Earnest money paid−$0
Remaining funds due$62,737
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,707.13
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)$582.00
Prepaid interest, first (6 days)$165.01
Prepaid interest, second (6 days)$140.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.94%
Interest already paid$66,181Through Dec 2026
Assumption only · ends Nov 2050$134,391
Assumption + second · ends Nov 2050, second Jan 2057$314,571
New conventional · ends Jan 2057$638,126