Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$964/mo
Lowest payment- Down payment
- $183,010
- Funds due
- $192,452
- Interest + MI left
- $63,335
- First ends
- Jun 2050
Assumption
Assumption + second
$2,072/mo
+$1,108/mo- Down payment
- $32,010
- Funds due
- $42,768
- Interest + MI left
- $311,209
- First ends
- Jun 2050
New loan
New conventional
$2,304/mo
+$1,340/mo- Down payment
- $32,010
- Funds due
- $39,750
- Interest + MI left
- $435,240
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,990 | $135,990 | $286,990 |
| Second mortgage | — | $151,000 | — |
| First P&I | $704.33 | $704.33 | $1,987.06 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $57.40 |
| Taxes, insurance & HOA | $259.50 | $259.50 | $259.50 |
| Total housing payment | $963.83 | $2,071.81 | $2,303.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,010
Closing costs & prepaids$10,758
Usable credit−$0
Total buyer cash needed$42,768
Earnest money paid−$0
Remaining funds due$42,768
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$679.95
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)$328.50
Prepaid interest, first (2 days)$25.86
Prepaid interest, second (2 days)$66.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.470%
Interest already paid$32,786Through Nov 2026
Assumption only · ends Jun 2050$63,335
Assumption + second · ends Jun 2050, second Dec 2056$311,209
New conventional · ends Dec 2056$435,240