Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,058/mo
Lowest payment- Down payment
- $139,324
- Funds due
- $148,824
- Interest + MI left
- $64,855
- First ends
- Oct 2050
Assumption
Assumption + second
$1,858/mo
+$800/mo- Down payment
- $30,324
- Funds due
- $41,289
- Interest + MI left
- $243,784
- First ends
- Oct 2050
New loan
New conventional
$2,150/mo
+$1,092/mo- Down payment
- $30,324
- Funds due
- $38,282
- Interest + MI left
- $394,165
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,576 | $160,576 | $269,576 |
| Second mortgage | — | $109,000 | — |
| First P&I | $788.22 | $788.22 | $1,826.20 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $53.92 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,058.22 | $1,858.02 | $2,150.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,324
Closing costs & prepaids$10,964
Usable credit−$0
Total buyer cash needed$41,289
Earnest money paid−$0
Remaining funds due$41,289
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$802.88
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)$360.00
Prepaid interest, first (9 days)$119.57
Prepaid interest, second (9 days)$215.01
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$32,424Through Dec 2026
Assumption only · ends Oct 2050$64,855
Assumption + second · ends Oct 2050, second Jan 2057$243,784
New conventional · ends Jan 2057$394,165