Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,255/mo
Lowest payment- Down payment
- $250,076
- Funds due
- $261,086
- Interest + MI left
- $84,169
- First ends
- Jan 2050
Assumption
Assumption + second
$2,738/mo
+$1,483/mo- Down payment
- $43,076
- Funds due
- $55,731
- Interest + MI left
- $411,039
- First ends
- Jan 2050
New loan
New conventional
$2,984/mo
+$1,728/mo- Down payment
- $43,076
- Funds due
- $52,506
- Interest + MI left
- $558,436
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,924 | $174,924 | $381,924 |
| Second mortgage | — | $207,000 | — |
| First P&I | $935.35 | $935.35 | $2,587.29 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $76.38 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,255.35 | $2,738.33 | $2,983.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,076
Closing costs & prepaids$12,656
Usable credit−$0
Total buyer cash needed$55,731
Earnest money paid−$0
Remaining funds due$55,731
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$874.62
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)$510.00
Prepaid interest, first (9 days)$157.43
Prepaid interest, second (9 days)$395.57
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 1 moOf the original 30-year loan at 3.65%
Interest already paid$48,092Through Dec 2026
Assumption only · ends Jan 2050$84,169
Assumption + second · ends Jan 2050, second Jan 2057$411,039
New conventional · ends Jan 2057$558,436