Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,233/mo
Lowest payment- Down payment
- $170,487
- Funds due
- $180,517
- Interest + MI left
- $91,323
- First ends
- Apr 2050
Assumption
Assumption + second
$2,216/mo
+$983/mo- Down payment
- $36,487
- Funds due
- $47,797
- Interest + MI left
- $311,291
- First ends
- Apr 2050
New loan
New conventional
$2,535/mo
+$1,302/mo- Down payment
- $36,487
- Funds due
- $44,464
- Interest + MI left
- $489,048
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,513 | $188,513 | $322,513 |
| Second mortgage | — | $134,000 | — |
| First P&I | $995.86 | $995.86 | $2,233.01 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | — | — | $64.50 |
| Taxes, insurance & HOA | $237.08 | $237.08 | $237.08 |
| Total housing payment | $1,232.94 | $2,216.19 | $2,534.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,487
Closing costs & prepaids$11,310
Usable credit−$0
Total buyer cash needed$47,797
Earnest money paid−$0
Remaining funds due$47,797
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$942.57
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)$261.25
Prepaid interest, first (1 days)$18.70
Prepaid interest, second (1 days)$29.37
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 5 moOf the original 30-year loan at 3.620%
Interest already paid$48,686Through Nov 2026
Assumption only · ends Apr 2050$91,323
Assumption + second · ends Apr 2050, second Dec 2056$311,291
New conventional · ends Dec 2056$489,048