Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,013/mo
Lowest payment- Down payment
- $138,941
- Funds due
- $148,200
- Interest + MI left
- $65,260
- First ends
- Oct 2050
Assumption
Assumption + second
$1,805/mo
+$792/mo- Down payment
- $30,941
- Funds due
- $41,473
- Interest + MI left
- $242,548
- First ends
- Oct 2050
New loan
New conventional
$2,140/mo
+$1,128/mo- Down payment
- $30,941
- Funds due
- $38,333
- Interest + MI left
- $407,787
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,959 | $160,959 | $268,959 |
| Second mortgage | — | $108,000 | — |
| First P&I | $788.22 | $788.22 | $1,862.22 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $53.79 |
| Taxes, insurance & HOA | $224.42 | $224.42 | $224.42 |
| Total housing payment | $1,012.64 | $1,805.10 | $2,140.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,941
Closing costs & prepaids$10,532
Usable credit−$0
Total buyer cash needed$41,473
Earnest money paid−$0
Remaining funds due$41,473
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$804.79
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)$223.25
Prepaid interest, first (1 days)$13.32
Prepaid interest, second (1 days)$23.67
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 11 moOf the original 30-year loan at 3.020%
Interest already paid$32,019Through Nov 2026
Assumption only · ends Oct 2050$65,260
Assumption + second · ends Oct 2050, second Dec 2056$242,548
New conventional · ends Dec 2056$407,787