Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,788/mo
Lowest payment- Down payment
- $125,716
- Funds due
- $137,339
- Interest + MI left
- $120,437
- First ends
- Oct 2050
Assumption
Assumption + second
$2,455/mo
+$668/mo- Down payment
- $42,716
- Funds due
- $55,712
- Interest + MI left
- $277,858
- First ends
- Oct 2050
New loan
New conventional
$2,986/mo
+$1,199/mo- Down payment
- $42,716
- Funds due
- $51,925
- Interest + MI left
- $558,962
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,284 | $299,284 | $382,284 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,467.55 | $1,467.55 | $2,589.72 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $76.46 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,787.55 | $2,455.39 | $2,986.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,716
Closing costs & prepaids$12,995
Usable credit−$0
Total buyer cash needed$55,712
Earnest money paid−$0
Remaining funds due$55,712
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%)$1,496.42
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)$148.08
Prepaid interest, second (6 days)$122.79
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 3.01%
Interest already paid$60,239Through Dec 2026
Assumption only · ends Oct 2050$120,437
Assumption + second · ends Oct 2050, second Jan 2057$277,858
New conventional · ends Jan 2057$558,962