Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,779/mo
Lowest payment- Down payment
- $82,952
- Funds due
- $94,174
- Interest + MI left
- $116,035
- First ends
- Nov 2050
Assumption
Assumption + second
$2,125/mo
+$346/mo- Down payment
- $39,952
- Funds due
- $52,445
- Interest + MI left
- $197,591
- First ends
- Nov 2050
New loan
New conventional
$2,836/mo
+$1,057/mo- Down payment
- $39,952
- Funds due
- $48,498
- Interest + MI left
- $544,520
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,048 | $316,048 | $359,048 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,500.29 | $1,500.29 | $2,485.98 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $71.81 |
| Taxes, insurance & HOA | $278.42 | $278.42 | $278.42 |
| Total housing payment | $1,778.70 | $2,124.69 | $2,836.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,952
Closing costs & prepaids$12,492
Usable credit−$0
Total buyer cash needed$52,445
Earnest money paid−$0
Remaining funds due$52,445
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,580.24
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)$385.25
Prepaid interest, first (2 days)$47.62
Prepaid interest, second (2 days)$21.21
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 closing24 yrOf the original 30-year loan at 2.750%
Interest already paid$56,568Through Nov 2026
Assumption only · ends Nov 2050$116,035
Assumption + second · ends Nov 2050, second Dec 2056$197,591
New conventional · ends Dec 2056$544,520