Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,358/mo
Lowest payment- Down payment
- $105,423
- Funds due
- $115,542
- Interest + MI left
- $88,686
- First ends
- Oct 2050
Assumption
Assumption + second
$1,937/mo
+$579/mo- Down payment
- $33,423
- Funds due
- $44,952
- Interest + MI left
- $225,244
- First ends
- Oct 2050
New loan
New conventional
$2,314/mo
+$956/mo- Down payment
- $33,423
- Funds due
- $41,670
- Interest + MI left
- $426,275
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,577 | $219,577 | $291,577 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,077.84 | $1,077.84 | $1,975.24 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | — | — | $58.32 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,357.84 | $1,937.17 | $2,313.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,423
Closing costs & prepaids$11,529
Usable credit−$0
Total buyer cash needed$44,952
Earnest money paid−$0
Remaining funds due$44,952
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,097.89
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)$390.00
Prepaid interest, first (9 days)$163.51
Prepaid interest, second (9 days)$159.78
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$44,338Through Dec 2026
Assumption only · ends Oct 2050$88,686
Assumption + second · ends Oct 2050, second Jan 2057$225,244
New conventional · ends Jan 2057$426,275