Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,508/mo
Lowest payment- Down payment
- $132,988
- Funds due
- $143,455
- Interest + MI left
- $85,546
- First ends
- Oct 2049
Assumption
Assumption + second
$2,249/mo
+$741/mo- Down payment
- $31,988
- Funds due
- $43,750
- Interest + MI left
- $251,343
- First ends
- Oct 2049
New loan
New conventional
$2,551/mo
+$1,043/mo- Down payment
- $31,988
- Funds due
- $40,512
- Interest + MI left
- $429,150
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,012 | $182,012 | $283,012 |
| Second mortgage | — | $101,000 | — |
| First P&I | $972.94 | $972.94 | $1,959.52 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $56.60 |
| Taxes, insurance & HOA | $534.58 | $534.58 | $534.58 |
| Total housing payment | $1,507.52 | $2,248.63 | $2,550.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,988
Closing costs & prepaids$11,762
Usable credit−$0
Total buyer cash needed$43,750
Earnest money paid−$0
Remaining funds due$43,750
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$910.06
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)$1,153.75
Prepaid interest, first (2 days)$35.90
Prepaid interest, second (2 days)$44.27
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 closing22 yr 11 moOf the original 30-year loan at 3.600%
Interest already paid$50,712Through Nov 2026
Assumption only · ends Oct 2049$85,546
Assumption + second · ends Oct 2049, second Dec 2056$251,343
New conventional · ends Dec 2056$429,150