Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$695/mo
Lowest payment- Down payment
- $65,080
- Funds due
- $72,615
- Interest + MI left
- $40,660
- First ends
- Jun 2050
Assumption
Assumption + second
$1,089/mo
+$394/mo- Down payment
- $16,080
- Funds due
- $24,938
- Interest + MI left
- $133,596
- First ends
- Jun 2050
New loan
New conventional
$1,218/mo
+$523/mo- Down payment
- $16,080
- Funds due
- $22,306
- Interest + MI left
- $210,435
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $94,920 | $94,920 | $143,920 |
| Second mortgage | — | $49,000 | — |
| First P&I | $480.78 | $480.78 | $974.96 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $28.78 |
| Taxes, insurance & HOA | $214.00 | $214.00 | $214.00 |
| Total housing payment | $694.78 | $1,089.05 | $1,217.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,080
Closing costs & prepaids$8,857
Usable credit−$0
Total buyer cash needed$24,938
Earnest money paid−$0
Remaining funds due$24,938
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$474.60
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)$192.00
Prepaid interest, first (6 days)$50.40
Prepaid interest, second (6 days)$72.49
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 6 moOf the original 30-year loan at 3.23%
Interest already paid$21,670Through Dec 2026
Assumption only · ends Jun 2050$40,660
Assumption + second · ends Jun 2050, second Jan 2057$133,596
New conventional · ends Jan 2057$210,435