Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,108/mo
Lowest payment- Down payment
- $138,360
- Funds due
- $151,281
- Interest + MI left
- $140,154
- First ends
- Jul 2050
Assumption
Assumption + second
$2,824/mo
+$716/mo- Down payment
- $49,360
- Funds due
- $63,663
- Interest + MI left
- $308,955
- First ends
- Jul 2050
New loan
New conventional
$3,451/mo
+$1,342/mo- Down payment
- $49,360
- Funds due
- $59,574
- Interest + MI left
- $647,213
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $353,640 | $353,640 | $442,640 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,744.85 | $1,744.85 | $2,998.60 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $88.53 |
| Taxes, insurance & HOA | $363.50 | $363.50 | $363.50 |
| Total housing payment | $2,108.35 | $2,824.47 | $3,450.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,360
Closing costs & prepaids$14,303
Usable credit−$0
Total buyer cash needed$63,663
Earnest money paid−$0
Remaining funds due$63,663
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,920.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,768.20
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)$590.50
Prepaid interest, first (6 days)$174.40
Prepaid interest, second (6 days)$131.67
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 7 moOf the original 29-year loan at 3%
Interest already paid$61,835Through Dec 2026
Assumption only · ends Jul 2050$140,154
Assumption + second · ends Jul 2050, second Jan 2057$308,955
New conventional · ends Jan 2057$647,213