Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,597/mo
Lowest payment- Down payment
- $158,830
- Funds due
- $170,110
- Interest + MI left
- $107,564
- First ends
- Aug 2050
Assumption
Assumption + second
$2,455/mo
+$859/mo- Down payment
- $41,830
- Funds due
- $54,513
- Interest + MI left
- $299,626
- First ends
- Aug 2050
New loan
New conventional
$2,919/mo
+$1,322/mo- Down payment
- $41,830
- Funds due
- $50,925
- Interest + MI left
- $545,636
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,170 | $256,170 | $373,170 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,280.75 | $1,280.75 | $2,527.98 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $74.63 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $1,596.75 | $2,455.26 | $2,918.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,830
Closing costs & prepaids$12,683
Usable credit−$0
Total buyer cash needed$54,513
Earnest money paid−$0
Remaining funds due$54,513
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,280.85
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)$498.00
Prepaid interest, first (6 days)$132.65
Prepaid interest, second (6 days)$153.86
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 8 moOf the original 30-year loan at 3.15%
Interest already paid$55,475Through Dec 2026
Assumption only · ends Aug 2050$107,564
Assumption + second · ends Aug 2050, second Jan 2057$299,626
New conventional · ends Jan 2057$545,636