Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,873/mo
Lowest payment- Down payment
- $176,238
- Funds due
- $188,834
- Interest + MI left
- $123,795
- First ends
- Oct 2050
Assumption
Assumption + second
$2,805/mo
+$932/mo- Down payment
- $49,238
- Funds due
- $63,251
- Interest + MI left
- $332,272
- First ends
- Oct 2050
New loan
New conventional
$3,400/mo
+$1,527/mo- Down payment
- $49,238
- Funds due
- $59,367
- Interest + MI left
- $637,069
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,762 | $308,762 | $435,762 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,512.44 | $1,512.44 | $2,952.00 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | — | — | $87.15 |
| Taxes, insurance & HOA | $360.67 | $360.67 | $360.67 |
| Total housing payment | $1,873.10 | $2,804.98 | $3,399.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,238
Closing costs & prepaids$14,013
Usable credit−$0
Total buyer cash needed$63,251
Earnest money paid−$0
Remaining funds due$63,251
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,543.81
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)$582.00
Prepaid interest, first (6 days)$152.27
Prepaid interest, second (6 days)$167.01
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 10 moOf the original 30-year loan at 3%
Interest already paid$61,948Through Dec 2026
Assumption only · ends Oct 2050$123,795
Assumption + second · ends Oct 2050, second Jan 2057$332,272
New conventional · ends Jan 2057$637,069