Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,122/mo
Lowest payment- Down payment
- $145,869
- Funds due
- $155,637
- Interest + MI left
- $69,523
- First ends
- Oct 2050
Assumption
Assumption + second
$1,959/mo
+$836/mo- Down payment
- $31,869
- Funds due
- $43,112
- Interest + MI left
- $256,660
- First ends
- Oct 2050
New loan
New conventional
$2,273/mo
+$1,151/mo- Down payment
- $31,869
- Funds due
- $40,043
- Interest + MI left
- $418,371
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,131 | $172,131 | $286,131 |
| Second mortgage | — | $114,000 | — |
| First P&I | $844.94 | $844.94 | $1,938.35 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | — | — | $57.23 |
| Taxes, insurance & HOA | $277.17 | $277.17 | $277.17 |
| Total housing payment | $1,122.11 | $1,958.60 | $2,272.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,869
Closing costs & prepaids$11,243
Usable credit−$0
Total buyer cash needed$43,112
Earnest money paid−$0
Remaining funds due$43,112
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$860.66
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)$381.50
Prepaid interest, first (9 days)$128.18
Prepaid interest, second (9 days)$224.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.02%
Interest already paid$34,757Through Dec 2026
Assumption only · ends Oct 2050$69,523
Assumption + second · ends Oct 2050, second Jan 2057$256,660
New conventional · ends Jan 2057$418,371