Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,305/mo
Lowest payment- Down payment
- $185,265
- Funds due
- $195,614
- Interest + MI left
- $96,667
- First ends
- Mar 2050
Assumption
Assumption + second
$2,383/mo
+$1,079/mo- Down payment
- $38,265
- Funds due
- $49,897
- Interest + MI left
- $337,975
- First ends
- Mar 2050
New loan
New conventional
$2,695/mo
+$1,390/mo- Down payment
- $38,265
- Funds due
- $46,519
- Interest + MI left
- $516,748
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,735 | $193,735 | $340,735 |
| Second mortgage | — | $147,000 | — |
| First P&I | $1,037.15 | $1,037.15 | $2,359.18 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $68.15 |
| Taxes, insurance & HOA | $267.50 | $267.50 | $267.50 |
| Total housing payment | $1,304.65 | $2,383.28 | $2,694.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,265
Closing costs & prepaids$11,631
Usable credit−$0
Total buyer cash needed$49,897
Earnest money paid−$0
Remaining funds due$49,897
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$968.67
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)$352.50
Prepaid interest, first (1 days)$19.80
Prepaid interest, second (1 days)$32.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$52,206Through Nov 2026
Assumption only · ends Mar 2050$96,667
Assumption + second · ends Mar 2050, second Dec 2056$337,975
New conventional · ends Dec 2056$516,748