Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,694/mo
Lowest payment- Down payment
- $115,156
- Funds due
- $126,033
- Interest + MI left
- $129,135
- First ends
- Mar 2050
Assumption
Assumption + second
$2,314/mo
+$620/mo- Down payment
- $38,156
- Funds due
- $50,397
- Interest + MI left
- $275,177
- First ends
- Mar 2050
New loan
New conventional
$2,649/mo
+$955/mo- Down payment
- $38,156
- Funds due
- $46,797
- Interest + MI left
- $492,454
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,844 | $259,844 | $336,844 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,394.19 | $1,394.19 | $2,281.90 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $67.37 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,694.19 | $2,313.75 | $2,649.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,156
Closing costs & prepaids$12,240
Usable credit−$0
Total buyer cash needed$50,397
Earnest money paid−$0
Remaining funds due$50,397
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,299.22
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)$450.00
Prepaid interest, first (6 days)$159.32
Prepaid interest, second (6 days)$113.92
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 3.73%
Interest already paid$70,988Through Dec 2026
Assumption only · ends Mar 2050$129,135
Assumption + second · ends Mar 2050, second Jan 2057$275,177
New conventional · ends Jan 2057$492,454