Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,883/mo
Lowest payment- Down payment
- $83,866
- Funds due
- $95,012
- Interest + MI left
- $140,786
- First ends
- Jan 2050
Assumption
Assumption + second
$2,245/mo
+$362/mo- Down payment
- $38,866
- Funds due
- $51,329
- Interest + MI left
- $226,134
- First ends
- Jan 2050
New loan
New conventional
$2,689/mo
+$805/mo- Down payment
- $38,866
- Funds due
- $47,573
- Interest + MI left
- $500,188
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,134 | $297,134 | $342,134 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,580.94 | $1,580.94 | $2,317.73 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $68.43 |
| Taxes, insurance & HOA | $302.42 | $302.42 | $302.42 |
| Total housing payment | $1,883.35 | $2,245.44 | $2,688.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,866
Closing costs & prepaids$12,463
Usable credit−$0
Total buyer cash needed$51,329
Earnest money paid−$0
Remaining funds due$51,329
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,810.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,485.67
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)$457.25
Prepaid interest, first (6 days)$175.84
Prepaid interest, second (6 days)$66.58
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 3.6%
Interest already paid$80,622Through Dec 2026
Assumption only · ends Jan 2050$140,786
Assumption + second · ends Jan 2050, second Jan 2057$226,134
New conventional · ends Jan 2057$500,188