Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,223/mo
Lowest payment- Down payment
- $121,402
- Funds due
- $130,905
- Interest + MI left
- $91,929
- First ends
- Apr 2050
Assumption
Assumption + second
$1,947/mo
+$724/mo- Down payment
- $31,402
- Funds due
- $42,177
- Interest + MI left
- $262,627
- First ends
- Apr 2050
New loan
New conventional
$2,209/mo
+$986/mo- Down payment
- $31,402
- Funds due
- $38,892
- Interest + MI left
- $422,457
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,598 | $188,598 | $278,598 |
| Second mortgage | — | $90,000 | — |
| First P&I | $998.32 | $998.32 | $1,928.96 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $55.72 |
| Taxes, insurance & HOA | $224.33 | $224.33 | $224.33 |
| Total housing payment | $1,222.65 | $1,946.81 | $2,209.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,402
Closing costs & prepaids$10,775
Usable credit−$0
Total buyer cash needed$42,177
Earnest money paid−$0
Remaining funds due$42,177
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$942.99
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)$223.00
Prepaid interest, first (1 days)$18.81
Prepaid interest, second (1 days)$22.19
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 3.640%
Interest already paid$48,965Through Nov 2026
Assumption only · ends Apr 2050$91,929
Assumption + second · ends Apr 2050, second Dec 2056$262,627
New conventional · ends Dec 2056$422,457