Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,148/mo
Lowest payment- Down payment
- $185,462
- Funds due
- $195,570
- Interest + MI left
- $64,935
- First ends
- Sep 2050
Assumption
Assumption + second
$2,256/mo
+$1,108/mo- Down payment
- $34,462
- Funds due
- $45,886
- Interest + MI left
- $312,809
- First ends
- Sep 2050
New loan
New conventional
$2,557/mo
+$1,409/mo- Down payment
- $34,462
- Funds due
- $42,757
- Interest + MI left
- $463,308
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,538 | $154,538 | $305,538 |
| Second mortgage | — | $151,000 | — |
| First P&I | $767.39 | $767.39 | $2,115.48 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $61.11 |
| Taxes, insurance & HOA | $380.25 | $380.25 | $380.25 |
| Total housing payment | $1,147.64 | $2,255.62 | $2,556.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,462
Closing costs & prepaids$11,424
Usable credit−$0
Total buyer cash needed$45,886
Earnest money paid−$0
Remaining funds due$45,886
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$772.69
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)$690.75
Prepaid interest, first (2 days)$26.50
Prepaid interest, second (2 days)$66.19
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$32,299Through Nov 2026
Assumption only · ends Sep 2050$64,935
Assumption + second · ends Sep 2050, second Dec 2056$312,809
New conventional · ends Dec 2056$463,308