Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,156/mo
Lowest payment- Down payment
- $129,224
- Funds due
- $141,865
- Interest + MI left
- $167,279
- First ends
- Jun 2050
Assumption
Assumption + second
$2,816/mo
+$660/mo- Down payment
- $47,224
- Funds due
- $61,236
- Interest + MI left
- $322,804
- First ends
- Jun 2050
New loan
New conventional
$3,303/mo
+$1,147/mo- Down payment
- $47,224
- Funds due
- $57,190
- Interest + MI left
- $618,168
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,776 | $340,776 | $422,776 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,801.61 | $1,801.61 | $2,864.03 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | — | — | $84.56 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $2,156.28 | $2,816.07 | $3,303.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,224
Closing costs & prepaids$14,012
Usable credit−$0
Total buyer cash needed$61,236
Earnest money paid−$0
Remaining funds due$61,236
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,703.88
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)$564.00
Prepaid interest, first (6 days)$204.47
Prepaid interest, second (6 days)$121.32
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 6 moOf the original 30-year loan at 3.65%
Interest already paid$87,471Through Dec 2026
Assumption only · ends Jun 2050$167,279
Assumption + second · ends Jun 2050, second Jan 2057$322,804
New conventional · ends Jan 2057$618,168