Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,430/mo
Lowest payment- Down payment
- $143,293
- Funds due
- $153,983
- Interest + MI left
- $92,573
- First ends
- Nov 2050
Assumption
Assumption + second
$2,200/mo
+$770/mo- Down payment
- $38,293
- Funds due
- $50,371
- Interest + MI left
- $264,936
- First ends
- Nov 2050
New loan
New conventional
$2,648/mo
+$1,218/mo- Down payment
- $38,293
- Funds due
- $46,932
- Interest + MI left
- $492,254
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,707 | $231,707 | $336,707 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,129.89 | $1,129.89 | $2,280.97 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $67.34 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,429.89 | $2,200.35 | $2,648.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,293
Closing costs & prepaids$12,078
Usable credit−$0
Total buyer cash needed$50,371
Earnest money paid−$0
Remaining funds due$50,371
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,158.54
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)$450.00
Prepaid interest, first (6 days)$113.50
Prepaid interest, second (6 days)$138.08
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 11 moOf the original 30-year loan at 2.98%
Interest already paid$45,503Through Dec 2026
Assumption only · ends Nov 2050$92,573
Assumption + second · ends Nov 2050, second Jan 2057$264,936
New conventional · ends Jan 2057$492,254