Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,314/mo
Lowest payment- Down payment
- $50,130
- Funds due
- $59,279
- Interest + MI left
- $90,174
- First ends
- Jun 2050
Assumption
Assumption + second
$1,515/mo
+$201/mo- Down payment
- $25,130
- Funds due
- $35,541
- Interest + MI left
- $137,590
- First ends
- Jun 2050
New loan
New conventional
$1,873/mo
+$559/mo- Down payment
- $25,130
- Funds due
- $32,313
- Interest + MI left
- $333,404
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,870 | $194,870 | $219,870 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,007.22 | $1,007.22 | $1,522.34 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $43.97 |
| Taxes, insurance & HOA | $306.58 | $306.58 | $306.58 |
| Total housing payment | $1,313.81 | $1,514.96 | $1,872.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,130
Closing costs & prepaids$10,411
Usable credit−$0
Total buyer cash needed$35,541
Earnest money paid−$0
Remaining funds due$35,541
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$974.35
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)$469.75
Prepaid interest, first (2 days)$36.84
Prepaid interest, second (2 days)$12.33
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 3.450%
Interest already paid$46,722Through Nov 2026
Assumption only · ends Jun 2050$90,174
Assumption + second · ends Jun 2050, second Dec 2056$137,590
New conventional · ends Dec 2056$333,404