Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,869/mo
Lowest payment- Down payment
- $142,559
- Funds due
- $154,190
- Interest + MI left
- $142,062
- First ends
- Jan 2050
Assumption
Assumption + second
$2,665/mo
+$797/mo- Down payment
- $43,559
- Funds due
- $56,587
- Interest + MI left
- $329,830
- First ends
- Jan 2050
New loan
New conventional
$3,010/mo
+$1,141/mo- Down payment
- $43,559
- Funds due
- $52,808
- Interest + MI left
- $563,501
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,441 | $286,441 | $385,441 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,546.95 | $1,546.95 | $2,611.11 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $77.09 |
| Taxes, insurance & HOA | $321.58 | $321.58 | $321.58 |
| Total housing payment | $1,868.53 | $2,665.10 | $3,009.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,559
Closing costs & prepaids$13,028
Usable credit−$0
Total buyer cash needed$56,587
Earnest money paid−$0
Remaining funds due$56,587
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,432.21
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)$514.75
Prepaid interest, first (6 days)$176.57
Prepaid interest, second (6 days)$146.47
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 1 moOf the original 30-year loan at 3.75%
Interest already paid$80,808Through Dec 2026
Assumption only · ends Jan 2050$142,062
Assumption + second · ends Jan 2050, second Jan 2057$329,830
New conventional · ends Jan 2057$563,501