Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,173/mo
Lowest payment- Down payment
- $214,214
- Funds due
- $224,711
- Interest + MI left
- $70,867
- First ends
- Oct 2050
Assumption
Assumption + second
$2,457/mo
+$1,284/mo- Down payment
- $39,214
- Funds due
- $50,999
- Interest + MI left
- $358,138
- First ends
- Oct 2050
New loan
New conventional
$2,809/mo
+$1,636/mo- Down payment
- $39,214
- Funds due
- $47,709
- Interest + MI left
- $530,474
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,786 | $174,786 | $349,786 |
| Second mortgage | — | $175,000 | — |
| First P&I | $855.93 | $855.93 | $2,421.85 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $69.96 |
| Taxes, insurance & HOA | $317.00 | $317.00 | $317.00 |
| Total housing payment | $1,172.93 | $2,457.02 | $2,808.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,214
Closing costs & prepaids$11,786
Usable credit−$0
Total buyer cash needed$50,999
Earnest money paid−$0
Remaining funds due$50,999
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$873.93
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)$501.00
Prepaid interest, first (1 days)$14.46
Prepaid interest, second (1 days)$38.36
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$34,770Through Nov 2026
Assumption only · ends Oct 2050$70,867
Assumption + second · ends Oct 2050, second Dec 2056$358,138
New conventional · ends Dec 2056$530,474