Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,477/mo
Lowest payment- Down payment
- $156,587
- Funds due
- $167,509
- Interest + MI left
- $100,339
- First ends
- Aug 2050
Assumption
Assumption + second
$2,336/mo
+$859/mo- Down payment
- $39,587
- Funds due
- $51,990
- Interest + MI left
- $292,401
- First ends
- Aug 2050
New loan
New conventional
$2,743/mo
+$1,265/mo- Down payment
- $39,587
- Funds due
- $48,591
- Interest + MI left
- $510,830
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,413 | $232,413 | $349,413 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,171.66 | $1,171.66 | $2,367.05 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $69.88 |
| Taxes, insurance & HOA | $305.58 | $305.58 | $305.58 |
| Total housing payment | $1,477.24 | $2,335.75 | $2,742.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,587
Closing costs & prepaids$12,403
Usable credit−$0
Total buyer cash needed$51,990
Earnest money paid−$0
Remaining funds due$51,990
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%)$1,162.06
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)$185.10
Prepaid interest, second (9 days)$230.79
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 8 moOf the original 30-year loan at 3.23%
Interest already paid$51,559Through Dec 2026
Assumption only · ends Aug 2050$100,339
Assumption + second · ends Aug 2050, second Jan 2057$292,401
New conventional · ends Jan 2057$510,830