Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,725/mo
Lowest payment- Down payment
- $164,340
- Funds due
- $176,090
- Interest + MI left
- $117,474
- First ends
- Sep 2050
Assumption
Assumption + second
$2,598/mo
+$873/mo- Down payment
- $45,340
- Funds due
- $58,496
- Interest + MI left
- $312,819
- First ends
- Sep 2050
New loan
New conventional
$3,115/mo
+$1,390/mo- Down payment
- $45,340
- Funds due
- $54,767
- Interest + MI left
- $584,289
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,660 | $280,660 | $399,660 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,396.96 | $1,396.96 | $2,707.44 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $79.93 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $1,724.96 | $2,598.14 | $3,115.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,340
Closing costs & prepaids$13,156
Usable credit−$0
Total buyer cash needed$58,496
Earnest money paid−$0
Remaining funds due$58,496
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,403.30
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)$534.00
Prepaid interest, first (6 days)$144.41
Prepaid interest, second (6 days)$156.49
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 9 moOf the original 30-year loan at 3.13%
Interest already paid$59,532Through Dec 2026
Assumption only · ends Sep 2050$117,474
Assumption + second · ends Sep 2050, second Jan 2057$312,819
New conventional · ends Jan 2057$584,289