Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,393/mo
Lowest payment- Down payment
- $79,274
- Funds due
- $88,837
- Interest + MI left
- $102,601
- First ends
- Mar 2050
Assumption
Assumption + second
$1,795/mo
+$402/mo- Down payment
- $29,274
- Funds due
- $40,111
- Interest + MI left
- $197,433
- First ends
- Mar 2050
New loan
New conventional
$2,113/mo
+$720/mo- Down payment
- $29,274
- Funds due
- $36,785
- Interest + MI left
- $387,572
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,626 | $205,626 | $255,626 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,100.81 | $1,100.81 | $1,769.90 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $51.13 |
| Taxes, insurance & HOA | $291.92 | $291.92 | $291.92 |
| Total housing payment | $1,392.73 | $1,795.04 | $2,112.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,274
Closing costs & prepaids$10,838
Usable credit−$0
Total buyer cash needed$40,111
Earnest money paid−$0
Remaining funds due$40,111
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,028.13
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)$425.75
Prepaid interest, first (2 days)$42.03
Prepaid interest, second (2 days)$24.66
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 3.730%
Interest already paid$55,411Through Nov 2026
Assumption only · ends Mar 2050$102,601
Assumption + second · ends Mar 2050, second Dec 2056$197,433
New conventional · ends Dec 2056$387,572