Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$990/mo
Lowest payment- Down payment
- $138,896
- Funds due
- $147,960
- Interest + MI left
- $65,251
- First ends
- Jun 2050
Assumption
Assumption + second
$1,797/mo
+$807/mo- Down payment
- $28,896
- Funds due
- $39,234
- Interest + MI left
- $245,822
- First ends
- Jun 2050
New loan
New conventional
$2,046/mo
+$1,056/mo- Down payment
- $28,896
- Funds due
- $36,215
- Interest + MI left
- $379,200
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,104 | $140,104 | $250,104 |
| Second mortgage | — | $110,000 | — |
| First P&I | $725.64 | $725.64 | $1,731.67 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | — | — | $50.02 |
| Taxes, insurance & HOA | $264.00 | $264.00 | $264.00 |
| Total housing payment | $989.64 | $1,796.78 | $2,045.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,896
Closing costs & prepaids$10,338
Usable credit−$0
Total buyer cash needed$39,234
Earnest money paid−$0
Remaining funds due$39,234
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$700.52
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)$342.00
Prepaid interest, first (1 days)$13.32
Prepaid interest, second (1 days)$24.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 3.470%
Interest already paid$33,778Through Nov 2026
Assumption only · ends Jun 2050$65,251
Assumption + second · ends Jun 2050, second Dec 2056$245,822
New conventional · ends Dec 2056$379,200