Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,300/mo
Lowest payment- Down payment
- $132,013
- Funds due
- $141,944
- Interest + MI left
- $93,002
- First ends
- Jun 2050
Assumption
Assumption + second
$2,088/mo
+$789/mo- Down payment
- $34,013
- Funds due
- $45,218
- Interest + MI left
- $278,873
- First ends
- Jun 2050
New loan
New conventional
$2,412/mo
+$1,113/mo- Down payment
- $34,013
- Funds due
- $41,818
- Interest + MI left
- $462,533
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,987 | $206,987 | $304,987 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,060.03 | $1,060.03 | $2,111.67 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $61.00 |
| Taxes, insurance & HOA | $239.58 | $239.58 | $239.58 |
| Total housing payment | $1,299.62 | $2,088.15 | $2,412.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,013
Closing costs & prepaids$11,205
Usable credit−$0
Total buyer cash needed$45,218
Earnest money paid−$0
Remaining funds due$45,218
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,034.93
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)$268.75
Prepaid interest, first (1 days)$19.05
Prepaid interest, second (1 days)$24.16
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 7 moOf the original 30-year loan at 3.360%
Interest already paid$48,384Through Nov 2026
Assumption only · ends Jun 2050$93,002
Assumption + second · ends Jun 2050, second Dec 2056$278,873
New conventional · ends Dec 2056$462,533