Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,272/mo
Lowest payment- Down payment
- $217,676
- Funds due
- $228,547
- Interest + MI left
- $81,670
- First ends
- Oct 2050
Assumption
Assumption + second
$2,563/mo
+$1,291/mo- Down payment
- $41,676
- Funds due
- $54,029
- Interest + MI left
- $370,584
- First ends
- Oct 2050
New loan
New conventional
$2,883/mo
+$1,611/mo- Down payment
- $41,676
- Funds due
- $50,711
- Interest + MI left
- $538,477
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,324 | $192,324 | $368,324 |
| Second mortgage | — | $176,000 | — |
| First P&I | $958.02 | $958.02 | $2,495.16 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | — | — | $73.66 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $1,272.02 | $2,563.45 | $2,882.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,676
Closing costs & prepaids$12,353
Usable credit−$0
Total buyer cash needed$54,029
Earnest money paid−$0
Remaining funds due$54,029
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$961.62
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)$492.00
Prepaid interest, first (6 days)$99.90
Prepaid interest, second (6 days)$231.45
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 10 moOf the original 30-year loan at 3.16%
Interest already paid$40,568Through Dec 2026
Assumption only · ends Oct 2050$81,670
Assumption + second · ends Oct 2050, second Jan 2057$370,584
New conventional · ends Jan 2057$538,477