Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$987/mo
Lowest payment- Down payment
- $139,216
- Funds due
- $148,378
- Interest + MI left
- $64,846
- First ends
- Jun 2050
Assumption
Assumption + second
$1,802/mo
+$814/mo- Down payment
- $28,216
- Funds due
- $38,846
- Interest + MI left
- $247,058
- First ends
- Jun 2050
New loan
New conventional
$2,011/mo
+$1,023/mo- Down payment
- $28,216
- Funds due
- $35,928
- Interest + MI left
- $366,688
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,784 | $139,784 | $250,784 |
| Second mortgage | — | $111,000 | — |
| First P&I | $725.64 | $725.64 | $1,698.90 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | — | — | $50.16 |
| Taxes, insurance & HOA | $261.58 | $261.58 | $261.58 |
| Total housing payment | $987.22 | $1,801.70 | $2,010.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,216
Closing costs & prepaids$10,630
Usable credit−$0
Total buyer cash needed$38,846
Earnest money paid−$0
Remaining funds due$38,846
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$698.92
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)$334.75
Prepaid interest, first (9 days)$119.60
Prepaid interest, second (9 days)$218.96
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 6 moOf the original 30-year loan at 3.47%
Interest already paid$34,183Through Dec 2026
Assumption only · ends Jun 2050$64,846
Assumption + second · ends Jun 2050, second Jan 2057$247,058
New conventional · ends Jan 2057$366,688