Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,388/mo
Lowest payment- Down payment
- $172,128
- Funds due
- $182,870
- Interest + MI left
- $92,389
- First ends
- Oct 2050
Assumption
Assumption + second
$2,356/mo
+$969/mo- Down payment
- $40,128
- Funds due
- $52,149
- Interest + MI left
- $309,074
- First ends
- Oct 2050
New loan
New conventional
$2,835/mo
+$1,448/mo- Down payment
- $40,128
- Funds due
- $48,590
- Interest + MI left
- $545,769
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,871 | $227,871 | $359,871 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,115.89 | $1,115.89 | $2,491.67 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $71.97 |
| Taxes, insurance & HOA | $271.83 | $271.83 | $271.83 |
| Total housing payment | $1,387.72 | $2,356.29 | $2,835.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,128
Closing costs & prepaids$12,021
Usable credit−$0
Total buyer cash needed$52,149
Earnest money paid−$0
Remaining funds due$52,149
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,139.35
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)$365.50
Prepaid interest, first (1 days)$18.85
Prepaid interest, second (1 days)$28.93
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$45,329Through Nov 2026
Assumption only · ends Oct 2050$92,389
Assumption + second · ends Oct 2050, second Dec 2056$309,074
New conventional · ends Dec 2056$545,769