Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,145/mo
Lowest payment- Down payment
- $212,039
- Funds due
- $225,549
- Interest + MI left
- $156,163
- First ends
- May 2050
Assumption
Assumption + second
$3,297/mo
+$1,152/mo- Down payment
- $55,039
- Funds due
- $70,006
- Interest + MI left
- $413,886
- First ends
- May 2050
New loan
New conventional
$3,839/mo
+$1,694/mo- Down payment
- $55,039
- Funds due
- $65,908
- Interest + MI left
- $723,715
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,961 | $337,961 | $494,961 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,758.45 | $1,758.45 | $3,353.04 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | — | — | $98.99 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,145.11 | $3,297.13 | $3,838.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,039
Closing costs & prepaids$14,967
Usable credit−$0
Total buyer cash needed$70,006
Earnest money paid−$0
Remaining funds due$70,006
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,689.81
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Prepaid interest, first (6 days)$192.78
Prepaid interest, second (6 days)$206.47
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$83,817Through Dec 2026
Assumption only · ends May 2050$156,163
Assumption + second · ends May 2050, second Jan 2057$413,886
New conventional · ends Jan 2057$723,715