Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,568/mo
Lowest payment- Down payment
- $144,412
- Funds due
- $155,193
- Interest + MI left
- $107,237
- First ends
- May 2050
Assumption
Assumption + second
$2,353/mo
+$785/mo- Down payment
- $37,412
- Funds due
- $49,490
- Interest + MI left
- $282,883
- First ends
- May 2050
New loan
New conventional
$2,739/mo
+$1,171/mo- Down payment
- $37,412
- Funds due
- $46,012
- Interest + MI left
- $496,592
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,488 | $220,488 | $327,488 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,162.14 | $1,162.14 | $2,267.46 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | — | — | $65.50 |
| Taxes, insurance & HOA | $405.92 | $405.92 | $405.92 |
| Total housing payment | $1,568.06 | $2,353.19 | $2,738.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,412
Closing costs & prepaids$12,078
Usable credit−$0
Total buyer cash needed$49,490
Earnest money paid−$0
Remaining funds due$49,490
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,649.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,102.44
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)$767.75
Prepaid interest, first (2 days)$43.74
Prepaid interest, second (2 days)$46.90
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 6 moOf the original 30-year loan at 3.620%
Interest already paid$56,150Through Nov 2026
Assumption only · ends May 2050$107,237
Assumption + second · ends May 2050, second Dec 2056$282,883
New conventional · ends Dec 2056$496,592