Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$986/mo
Lowest payment- Down payment
- $171,539
- Funds due
- $181,039
- Interest + MI left
- $60,193
- First ends
- Oct 2050
Assumption
Assumption + second
$2,006/mo
+$1,020/mo- Down payment
- $32,539
- Funds due
- $43,319
- Interest + MI left
- $288,369
- First ends
- Oct 2050
New loan
New conventional
$2,307/mo
+$1,321/mo- Down payment
- $32,539
- Funds due
- $40,224
- Interest + MI left
- $435,896
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,461 | $148,461 | $287,461 |
| Second mortgage | — | $139,000 | — |
| First P&I | $727.02 | $727.02 | $1,990.32 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | — | — | $57.49 |
| Taxes, insurance & HOA | $258.92 | $258.92 | $258.92 |
| Total housing payment | $985.93 | $2,005.86 | $2,306.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,539
Closing costs & prepaids$10,780
Usable credit−$0
Total buyer cash needed$43,319
Earnest money paid−$0
Remaining funds due$43,319
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$742.30
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)$326.75
Prepaid interest, first (1 days)$12.28
Prepaid interest, second (1 days)$30.47
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$29,533Through Nov 2026
Assumption only · ends Oct 2050$60,193
Assumption + second · ends Oct 2050, second Dec 2056$288,369
New conventional · ends Dec 2056$435,896