Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,270/mo
Lowest payment- Down payment
- $66,464
- Funds due
- $75,673
- Interest + MI left
- $89,861
- First ends
- Mar 2050
Assumption
Assumption + second
$1,592/mo
+$322/mo- Down payment
- $26,464
- Funds due
- $36,982
- Interest + MI left
- $165,727
- First ends
- Mar 2050
New loan
New conventional
$1,883/mo
+$613/mo- Down payment
- $26,464
- Funds due
- $33,812
- Interest + MI left
- $341,422
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,536 | $193,536 | $233,536 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,015.76 | $1,015.76 | $1,582.05 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $46.71 |
| Taxes, insurance & HOA | $254.00 | $254.00 | $254.00 |
| Total housing payment | $1,269.76 | $1,591.61 | $1,882.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,464
Closing costs & prepaids$10,519
Usable credit−$0
Total buyer cash needed$36,982
Earnest money paid−$0
Remaining funds due$36,982
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$967.68
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$312.00
Prepaid interest, first (6 days)$111.67
Prepaid interest, second (6 days)$59.18
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 3 moOf the original 30-year loan at 3.51%
Interest already paid$49,889Through Dec 2026
Assumption only · ends Mar 2050$89,861
Assumption + second · ends Mar 2050, second Jan 2057$165,727
New conventional · ends Jan 2057$341,422