Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$730/mo
Lowest payment- Down payment
- $85,788
- Funds due
- $93,604
- Interest + MI left
- $44,516
- First ends
- Aug 2050
Assumption
Assumption + second
$1,261/mo
+$531/mo- Down payment
- $19,788
- Funds due
- $28,870
- Interest + MI left
- $169,695
- First ends
- Aug 2050
New loan
New conventional
$1,415/mo
+$685/mo- Down payment
- $19,788
- Funds due
- $26,124
- Interest + MI left
- $255,762
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $102,712 | $102,712 | $168,712 |
| Second mortgage | — | $66,000 | — |
| First P&I | $516.59 | $516.59 | $1,168.13 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $33.74 |
| Taxes, insurance & HOA | $213.25 | $213.25 | $213.25 |
| Total housing payment | $729.84 | $1,260.89 | $1,415.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,788
Closing costs & prepaids$9,082
Usable credit−$0
Total buyer cash needed$28,870
Earnest money paid−$0
Remaining funds due$28,870
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,885.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$513.56
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)$189.75
Prepaid interest, first (1 days)$9.09
Prepaid interest, second (1 days)$16.27
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 9 moOf the original 30-year loan at 3.230%
Interest already paid$22,456Through Nov 2026
Assumption only · ends Aug 2050$44,516
Assumption + second · ends Aug 2050, second Dec 2056$169,695
New conventional · ends Dec 2056$255,762