Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$831/mo
Lowest payment- Down payment
- $119,867
- Funds due
- $128,352
- Interest + MI left
- $42,075
- First ends
- Sep 2050
Assumption
Assumption + second
$1,611/mo
+$780/mo- Down payment
- $22,867
- Funds due
- $32,650
- Interest + MI left
- $226,049
- First ends
- Sep 2050
New loan
New conventional
$1,738/mo
+$907/mo- Down payment
- $22,867
- Funds due
- $29,893
- Interest + MI left
- $298,887
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $100,133 | $100,133 | $197,133 |
| Second mortgage | — | $97,000 | — |
| First P&I | $497.23 | $497.23 | $1,364.91 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $39.43 |
| Taxes, insurance & HOA | $333.33 | $333.33 | $333.33 |
| Total housing payment | $830.56 | $1,611.05 | $1,737.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,867
Closing costs & prepaids$9,784
Usable credit−$0
Total buyer cash needed$32,650
Earnest money paid−$0
Remaining funds due$32,650
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$500.67
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)$550.00
Prepaid interest, first (2 days)$17.17
Prepaid interest, second (2 days)$47.84
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 10 moOf the original 30-year loan at 3.130%
Interest already paid$20,929Through Nov 2026
Assumption only · ends Sep 2050$42,075
Assumption + second · ends Sep 2050, second Dec 2056$226,049
New conventional · ends Dec 2056$298,887