Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,278/mo
Lowest payment- Down payment
- $107,088
- Funds due
- $117,022
- Interest + MI left
- $80,613
- First ends
- Dec 2050
Assumption
Assumption + second
$1,881/mo
+$603/mo- Down payment
- $32,088
- Funds due
- $43,438
- Interest + MI left
- $222,862
- First ends
- Dec 2050
New loan
New conventional
$2,249/mo
+$971/mo- Down payment
- $32,088
- Funds due
- $40,221
- Interest + MI left
- $413,608
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,912 | $207,912 | $282,912 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,001.82 | $1,001.82 | $1,916.54 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $56.58 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $1,277.82 | $1,881.29 | $2,249.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,088
Closing costs & prepaids$11,350
Usable credit−$0
Total buyer cash needed$43,438
Earnest money paid−$0
Remaining funds due$43,438
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,039.56
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)$378.00
Prepaid interest, first (9 days)$148.16
Prepaid interest, second (9 days)$166.44
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 closing24 yrOf the original 30-year loan at 2.89%
Interest already paid$39,043Through Dec 2026
Assumption only · ends Dec 2050$80,613
Assumption + second · ends Dec 2050, second Jan 2057$222,862
New conventional · ends Jan 2057$413,608