Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$941/mo
Lowest payment- Down payment
- $104,580
- Funds due
- $113,213
- Interest + MI left
- $61,069
- First ends
- Aug 2050
Assumption
Assumption + second
$1,584/mo
+$644/mo- Down payment
- $24,580
- Funds due
- $34,483
- Interest + MI left
- $212,800
- First ends
- Aug 2050
New loan
New conventional
$1,804/mo
+$863/mo- Down payment
- $24,580
- Funds due
- $31,505
- Interest + MI left
- $334,282
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,420 | $140,420 | $220,420 |
| Second mortgage | — | $80,000 | — |
| First P&I | $706.98 | $706.98 | $1,526.14 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $44.08 |
| Taxes, insurance & HOA | $233.75 | $233.75 | $233.75 |
| Total housing payment | $940.73 | $1,584.43 | $1,803.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,580
Closing costs & prepaids$9,904
Usable credit−$0
Total buyer cash needed$34,483
Earnest money paid−$0
Remaining funds due$34,483
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%)$702.10
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)$251.25
Prepaid interest, first (1 days)$12.46
Prepaid interest, second (1 days)$19.73
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 3.240%
Interest already paid$30,792Through Nov 2026
Assumption only · ends Aug 2050$61,069
Assumption + second · ends Aug 2050, second Dec 2056$212,800
New conventional · ends Dec 2056$334,282