Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,162/mo
Lowest payment- Down payment
- $214,630
- Funds due
- $225,206
- Interest + MI left
- $70,427
- First ends
- Oct 2050
Assumption
Assumption + second
$2,446/mo
+$1,284/mo- Down payment
- $39,630
- Funds due
- $51,801
- Interest + MI left
- $357,698
- First ends
- Oct 2050
New loan
New conventional
$2,742/mo
+$1,581/mo- Down payment
- $39,630
- Funds due
- $48,634
- Interest + MI left
- $510,767
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,370 | $174,370 | $349,370 |
| Second mortgage | — | $175,000 | — |
| First P&I | $855.93 | $855.93 | $2,366.75 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $69.87 |
| Taxes, insurance & HOA | $305.58 | $305.58 | $305.58 |
| Total housing payment | $1,161.52 | $2,445.61 | $2,742.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,630
Closing costs & prepaids$12,172
Usable credit−$0
Total buyer cash needed$51,801
Earnest money paid−$0
Remaining funds due$51,801
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$871.85
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)$466.75
Prepaid interest, first (9 days)$129.85
Prepaid interest, second (9 days)$345.21
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$35,209Through Dec 2026
Assumption only · ends Oct 2050$70,427
Assumption + second · ends Oct 2050, second Jan 2057$357,698
New conventional · ends Jan 2057$510,767