Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,720/mo
Lowest payment- Down payment
- $166,038
- Funds due
- $177,840
- Interest + MI left
- $114,704
- First ends
- Oct 2050
Assumption
Assumption + second
$2,608/mo
+$888/mo- Down payment
- $45,038
- Funds due
- $58,249
- Interest + MI left
- $313,332
- First ends
- Oct 2050
New loan
New conventional
$3,147/mo
+$1,427/mo- Down payment
- $45,038
- Funds due
- $54,518
- Interest + MI left
- $590,659
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,962 | $282,962 | $403,962 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,390.44 | $1,390.44 | $2,736.58 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $80.79 |
| Taxes, insurance & HOA | $329.58 | $329.58 | $329.58 |
| Total housing payment | $1,720.03 | $2,607.88 | $3,146.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,038
Closing costs & prepaids$13,212
Usable credit−$0
Total buyer cash needed$58,249
Earnest money paid−$0
Remaining funds due$58,249
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,414.81
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)$538.75
Prepaid interest, first (6 days)$140.94
Prepaid interest, second (6 days)$159.12
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 3.03%
Interest already paid$57,319Through Dec 2026
Assumption only · ends Oct 2050$114,704
Assumption + second · ends Oct 2050, second Jan 2057$313,332
New conventional · ends Jan 2057$590,659