Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,799/mo
Lowest payment- Down payment
- $131,622
- Funds due
- $143,223
- Interest + MI left
- $126,659
- First ends
- Aug 2050
Assumption
Assumption + second
$2,515/mo
+$716/mo- Down payment
- $42,622
- Funds due
- $55,605
- Interest + MI left
- $295,460
- First ends
- Aug 2050
New loan
New conventional
$2,987/mo
+$1,188/mo- Down payment
- $42,622
- Funds due
- $51,832
- Interest + MI left
- $559,100
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,378 | $293,378 | $382,378 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,479.00 | $1,479.00 | $2,590.36 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $76.48 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,799.00 | $2,515.12 | $2,986.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,622
Closing costs & prepaids$12,982
Usable credit−$0
Total buyer cash needed$55,605
Earnest money paid−$0
Remaining funds due$55,605
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,466.89
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)$510.00
Prepaid interest, first (6 days)$155.77
Prepaid interest, second (6 days)$131.67
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 8 moOf the original 30-year loan at 3.23%
Interest already paid$65,084Through Dec 2026
Assumption only · ends Aug 2050$126,659
Assumption + second · ends Aug 2050, second Jan 2057$295,460
New conventional · ends Jan 2057$559,100