Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,185/mo
Lowest payment- Down payment
- $210,132
- Funds due
- $220,568
- Interest + MI left
- $71,197
- First ends
- Sep 2050
Assumption
Assumption + second
$2,447/mo
+$1,262/mo- Down payment
- $38,132
- Funds due
- $49,856
- Interest + MI left
- $353,544
- First ends
- Sep 2050
New loan
New conventional
$2,759/mo
+$1,574/mo- Down payment
- $38,132
- Funds due
- $46,624
- Interest + MI left
- $510,664
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,768 | $164,768 | $336,768 |
| Second mortgage | — | $172,000 | — |
| First P&I | $825.05 | $825.05 | $2,331.71 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $67.35 |
| Taxes, insurance & HOA | $360.33 | $360.33 | $360.33 |
| Total housing payment | $1,185.39 | $2,447.46 | $2,759.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,132
Closing costs & prepaids$11,724
Usable credit−$0
Total buyer cash needed$49,856
Earnest money paid−$0
Remaining funds due$49,856
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$823.84
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)$631.00
Prepaid interest, first (1 days)$14.49
Prepaid interest, second (1 days)$37.70
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 10 moOf the original 30-year loan at 3.210%
Interest already paid$35,285Through Nov 2026
Assumption only · ends Sep 2050$71,197
Assumption + second · ends Sep 2050, second Dec 2056$353,544
New conventional · ends Dec 2056$510,664