Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,810/mo
Lowest payment- Down payment
- $83,728
- Funds due
- $95,134
- Interest + MI left
- $115,311
- First ends
- Nov 2050
Assumption
Assumption + second
$2,156/mo
+$346/mo- Down payment
- $40,728
- Funds due
- $53,448
- Interest + MI left
- $196,866
- First ends
- Nov 2050
New loan
New conventional
$2,808/mo
+$998/mo- Down payment
- $40,728
- Funds due
- $49,637
- Interest + MI left
- $523,781
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,272 | $315,272 | $358,272 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,500.29 | $1,500.29 | $2,427.06 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $71.65 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $1,809.87 | $2,155.86 | $2,808.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,728
Closing costs & prepaids$12,719
Usable credit−$0
Total buyer cash needed$53,448
Earnest money paid−$0
Remaining funds due$53,448
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,576.36
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)$478.75
Prepaid interest, first (6 days)$142.52
Prepaid interest, second (6 days)$63.62
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 11 moOf the original 30-year loan at 2.75%
Interest already paid$57,292Through Dec 2026
Assumption only · ends Nov 2050$115,311
Assumption + second · ends Nov 2050, second Jan 2057$196,866
New conventional · ends Jan 2057$523,781