Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,262/mo
Lowest payment- Down payment
- $181,137
- Funds due
- $194,752
- Interest + MI left
- $176,140
- First ends
- Aug 2050
Assumption
Assumption + second
$3,149/mo
+$888/mo- Down payment
- $60,137
- Funds due
- $75,029
- Interest + MI left
- $374,768
- First ends
- Aug 2050
New loan
New conventional
$4,016/mo
+$1,755/mo- Down payment
- $60,137
- Funds due
- $70,342
- Interest + MI left
- $817,222
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,863 | $417,863 | $538,863 |
| Second mortgage | — | $121,000 | — |
| First P&I | $2,084.22 | $2,084.22 | $3,730.98 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $107.77 |
| Taxes, insurance & HOA | $177.33 | $177.33 | $177.33 |
| Total housing payment | $2,261.56 | $3,149.41 | $4,016.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,137
Closing costs & prepaids$14,892
Usable credit−$0
Total buyer cash needed$75,029
Earnest money paid−$0
Remaining funds due$75,029
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,089.32
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$32.00
Prepaid interest, first (1 days)$36.06
Prepaid interest, second (1 days)$26.52
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 3.150%
Interest already paid$89,180Through Nov 2026
Assumption only · ends Aug 2050$176,140
Assumption + second · ends Aug 2050, second Dec 2056$374,768
New conventional · ends Dec 2056$817,222