Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,705/mo
Lowest payment- Down payment
- $102,580
- Funds due
- $113,357
- Interest + MI left
- $127,819
- First ends
- Jan 2050
Assumption
Assumption + second
$2,236/mo
+$531/mo- Down payment
- $36,580
- Funds due
- $48,705
- Interest + MI left
- $252,997
- First ends
- Jan 2050
New loan
New conventional
$2,587/mo
+$882/mo- Down payment
- $36,580
- Funds due
- $45,115
- Interest + MI left
- $480,204
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,420 | $262,420 | $328,420 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,408.80 | $1,408.80 | $2,224.83 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $65.68 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $1,704.80 | $2,235.86 | $2,586.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,580
Closing costs & prepaids$12,125
Usable credit−$0
Total buyer cash needed$48,705
Earnest money paid−$0
Remaining funds due$48,705
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,312.10
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)$438.00
Prepaid interest, first (6 days)$159.18
Prepaid interest, second (6 days)$97.64
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 1 moOf the original 30-year loan at 3.69%
Interest already paid$72,901Through Dec 2026
Assumption only · ends Jan 2050$127,819
Assumption + second · ends Jan 2050, second Jan 2057$252,997
New conventional · ends Jan 2057$480,204