Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,048/mo
Lowest payment- Down payment
- $234,022
- Funds due
- $247,205
- Interest + MI left
- $83,956
- First ends
- May 2050
Assumption
Assumption + second
$3,457/mo
+$1,409/mo- Down payment
- $42,022
- Funds due
- $56,539
- Interest + MI left
- $399,134
- First ends
- May 2050
New loan
New conventional
$3,766/mo
+$1,718/mo- Down payment
- $42,022
- Funds due
- $53,204
- Interest + MI left
- $565,572
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,978 | $180,978 | $372,978 |
| Second mortgage | — | $192,000 | — |
| First P&I | $939.48 | $939.48 | $2,582.42 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $74.60 |
| Taxes, insurance & HOA | $1,108.50 | $1,108.50 | $1,108.50 |
| Total housing payment | $2,047.98 | $3,456.81 | $3,765.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,022
Closing costs & prepaids$14,517
Usable credit−$0
Total buyer cash needed$56,539
Earnest money paid−$0
Remaining funds due$56,539
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$904.89
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)$2,875.50
Prepaid interest, first (2 days)$34.41
Prepaid interest, second (2 days)$84.16
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 6 moOf the original 30-year loan at 3.470%
Interest already paid$44,257Through Nov 2026
Assumption only · ends May 2050$83,956
Assumption + second · ends May 2050, second Dec 2056$399,134
New conventional · ends Dec 2056$565,572