Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$823/mo
Lowest payment- Down payment
- $73,499
- Funds due
- $81,628
- Interest + MI left
- $47,521
- First ends
- Dec 2050
Assumption
Assumption + second
$1,249/mo
+$426/mo- Down payment
- $20,499
- Funds due
- $29,996
- Interest + MI left
- $148,043
- First ends
- Dec 2050
New loan
New conventional
$1,460/mo
+$637/mo- Down payment
- $20,499
- Funds due
- $27,238
- Interest + MI left
- $258,003
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,501 | $123,501 | $176,501 |
| Second mortgage | — | $53,000 | — |
| First P&I | $593.83 | $593.83 | $1,195.68 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $35.30 |
| Taxes, insurance & HOA | $228.83 | $228.83 | $228.83 |
| Total housing payment | $822.66 | $1,249.11 | $1,459.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,499
Closing costs & prepaids$9,497
Usable credit−$0
Total buyer cash needed$29,996
Earnest money paid−$0
Remaining funds due$29,996
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,970.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$617.51
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)$236.50
Prepaid interest, first (9 days)$87.40
Prepaid interest, second (9 days)$117.62
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 2.87%
Interest already paid$23,037Through Dec 2026
Assumption only · ends Dec 2050$47,521
Assumption + second · ends Dec 2050, second Jan 2057$148,043
New conventional · ends Jan 2057$258,003