Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,988/mo
Lowest payment- Down payment
- $166,171
- Funds due
- $178,991
- Interest + MI left
- $132,271
- First ends
- Aug 2050
Assumption
Assumption + second
$2,839/mo
+$851/mo- Down payment
- $50,171
- Funds due
- $64,394
- Interest + MI left
- $322,691
- First ends
- Aug 2050
New loan
New conventional
$3,467/mo
+$1,479/mo- Down payment
- $50,171
- Funds due
- $60,413
- Interest + MI left
- $650,414
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,829 | $328,829 | $444,829 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,623.59 | $1,623.59 | $3,013.43 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $88.97 |
| Taxes, insurance & HOA | $364.67 | $364.67 | $364.67 |
| Total housing payment | $1,988.26 | $2,839.43 | $3,467.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,171
Closing costs & prepaids$14,222
Usable credit−$0
Total buyer cash needed$64,394
Earnest money paid−$0
Remaining funds due$64,394
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,644.14
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)$594.00
Prepaid interest, first (6 days)$163.78
Prepaid interest, second (6 days)$152.55
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 8 moOf the original 30-year loan at 3.03%
Interest already paid$68,597Through Dec 2026
Assumption only · ends Aug 2050$132,271
Assumption + second · ends Aug 2050, second Jan 2057$322,691
New conventional · ends Jan 2057$650,414