Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,118/mo
Lowest payment- Down payment
- $157,729
- Funds due
- $173,920
- Interest + MI left
- $235,685
- First ends
- Nov 2050
Assumption
Assumption + second
$3,827/mo
+$708/mo- Down payment
- $69,729
- Funds due
- $87,322
- Interest + MI left
- $402,589
- First ends
- Nov 2050
New loan
New conventional
$4,769/mo
+$1,650/mo- Down payment
- $69,729
- Funds due
- $82,289
- Interest + MI left
- $906,939
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $532,271 | $532,271 | $620,271 |
| Second mortgage | — | $88,000 | — |
| First P&I | $2,675.80 | $2,675.80 | $4,201.93 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $124.05 |
| Taxes, insurance & HOA | $442.67 | $442.67 | $442.67 |
| Total housing payment | $3,118.47 | $3,826.54 | $4,768.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,729
Closing costs & prepaids$17,593
Usable credit−$0
Total buyer cash needed$87,322
Earnest money paid−$0
Remaining funds due$87,322
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%)$2,661.36
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)$828.00
Prepaid interest, first (7 days)$333.80
Prepaid interest, second (7 days)$151.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3.27%
Interest already paid$114,317Through Dec 2026
Assumption only · ends Nov 2050$235,685
Assumption + second · ends Nov 2050, second Jan 2057$402,589
New conventional · ends Jan 2057$906,939