Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,630/mo
Lowest payment- Down payment
- $64,281
- Funds due
- $74,406
- Interest + MI left
- $111,918
- First ends
- Mar 2050
Assumption
Assumption + second
$1,912/mo
+$282/mo- Down payment
- $29,281
- Funds due
- $40,673
- Interest + MI left
- $178,301
- First ends
- Mar 2050
New loan
New conventional
$2,289/mo
+$659/mo- Down payment
- $29,281
- Funds due
- $37,242
- Interest + MI left
- $398,431
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,719 | $227,719 | $262,719 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,212.99 | $1,212.99 | $1,819.01 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $52.54 |
| Taxes, insurance & HOA | $417.33 | $417.33 | $417.33 |
| Total housing payment | $1,630.32 | $1,911.94 | $2,288.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,281
Closing costs & prepaids$11,392
Usable credit−$0
Total buyer cash needed$40,673
Earnest money paid−$0
Remaining funds due$40,673
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,920.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,138.59
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)$802.00
Prepaid interest, first (2 days)$45.92
Prepaid interest, second (2 days)$17.26
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 4 moOf the original 30-year loan at 3.680%
Interest already paid$60,578Through Nov 2026
Assumption only · ends Mar 2050$111,918
Assumption + second · ends Mar 2050, second Dec 2056$178,301
New conventional · ends Dec 2056$398,431