Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,781/mo
Lowest payment- Down payment
- $106,496
- Funds due
- $117,794
- Interest + MI left
- $125,082
- First ends
- Oct 2050
Assumption
Assumption + second
$2,296/mo
+$515/mo- Down payment
- $42,496
- Funds due
- $55,059
- Interest + MI left
- $246,467
- First ends
- Oct 2050
New loan
New conventional
$2,924/mo
+$1,143/mo- Down payment
- $42,496
- Funds due
- $51,084
- Interest + MI left
- $564,853
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,504 | $308,504 | $372,504 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,510.76 | $1,510.76 | $2,579.14 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $74.50 |
| Taxes, insurance & HOA | $270.67 | $270.67 | $270.67 |
| Total housing payment | $1,781.42 | $2,296.38 | $2,924.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,496
Closing costs & prepaids$12,564
Usable credit−$0
Total buyer cash needed$55,059
Earnest money paid−$0
Remaining funds due$55,059
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,542.52
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)$362.00
Prepaid interest, first (1 days)$25.53
Prepaid interest, second (1 days)$15.78
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$61,370Through Nov 2026
Assumption only · ends Oct 2050$125,082
Assumption + second · ends Oct 2050, second Dec 2056$246,467
New conventional · ends Dec 2056$564,853