Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,135/mo
Lowest payment- Down payment
- $344,527
- Funds due
- $356,261
- Interest + MI left
- $66,184
- First ends
- Apr 2050
Assumption
Assumption + second
$3,256/mo
+$2,121/mo- Down payment
- $48,527
- Funds due
- $61,637
- Interest + MI left
- $533,593
- First ends
- Apr 2050
New loan
New conventional
$3,498/mo
+$2,363/mo- Down payment
- $48,527
- Funds due
- $58,443
- Interest + MI left
- $657,386
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,470 | $137,470 | $433,470 |
| Second mortgage | — | $296,000 | — |
| First P&I | $724.75 | $724.75 | $3,001.26 |
| Second P&I | — | $2,120.58 | — |
| Mortgage insurance | — | — | $86.69 |
| Taxes, insurance & HOA | $410.33 | $410.33 | $410.33 |
| Total housing payment | $1,135.08 | $3,255.66 | $3,498.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,527
Closing costs & prepaids$13,109
Usable credit−$0
Total buyer cash needed$61,637
Earnest money paid−$0
Remaining funds due$61,637
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,819.97
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$687.35
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)$731.00
Prepaid interest, first (2 days)$27.12
Prepaid interest, second (2 days)$125.70
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 5 moOf the original 30-year loan at 3.600%
Interest already paid$35,315Through Nov 2026
Assumption only · ends Apr 2050$66,184
Assumption + second · ends Apr 2050, second Dec 2056$533,593
New conventional · ends Dec 2056$657,386