Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,283/mo
Lowest payment- Down payment
- $249,674
- Funds due
- $260,628
- Interest + MI left
- $84,702
- First ends
- Jan 2050
Assumption
Assumption + second
$2,766/mo
+$1,483/mo- Down payment
- $42,674
- Funds due
- $54,922
- Interest + MI left
- $411,572
- First ends
- Jan 2050
New loan
New conventional
$3,071/mo
+$1,788/mo- Down payment
- $42,674
- Funds due
- $51,592
- Interest + MI left
- $579,823
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,326 | $175,326 | $382,326 |
| Second mortgage | — | $207,000 | — |
| First P&I | $935.35 | $935.35 | $2,647.15 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $76.47 |
| Taxes, insurance & HOA | $347.33 | $347.33 | $347.33 |
| Total housing payment | $1,282.69 | $2,765.66 | $3,070.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,674
Closing costs & prepaids$12,248
Usable credit−$0
Total buyer cash needed$54,922
Earnest money paid−$0
Remaining funds due$54,922
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$876.63
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)$592.00
Prepaid interest, first (1 days)$17.53
Prepaid interest, second (1 days)$43.95
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 2 moOf the original 30-year loan at 3.650%
Interest already paid$47,558Through Nov 2026
Assumption only · ends Jan 2050$84,702
Assumption + second · ends Jan 2050, second Dec 2056$411,572
New conventional · ends Dec 2056$579,823