Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,977/mo
Lowest payment- Down payment
- $175,500
- Funds due
- $188,309
- Interest + MI left
- $124,569
- First ends
- Oct 2050
Assumption
Assumption + second
$2,901/mo
+$925/mo- Down payment
- $49,500
- Funds due
- $63,614
- Interest + MI left
- $331,405
- First ends
- Oct 2050
New loan
New conventional
$3,567/mo
+$1,590/mo- Down payment
- $49,500
- Funds due
- $59,600
- Interest + MI left
- $660,378
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,500 | $309,500 | $435,500 |
| Second mortgage | — | $126,000 | — |
| First P&I | $1,512.44 | $1,512.44 | $3,015.31 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | — | — | $87.10 |
| Taxes, insurance & HOA | $464.33 | $464.33 | $464.33 |
| Total housing payment | $1,976.77 | $2,901.31 | $3,566.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,500
Closing costs & prepaids$14,115
Usable credit−$0
Total buyer cash needed$63,614
Earnest money paid−$0
Remaining funds due$63,614
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,547.50
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$893.00
Prepaid interest, first (2 days)$50.88
Prepaid interest, second (2 days)$55.23
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 11 moOf the original 30-year loan at 3.000%
Interest already paid$61,174Through Nov 2026
Assumption only · ends Oct 2050$124,569
Assumption + second · ends Oct 2050, second Dec 2056$331,405
New conventional · ends Dec 2056$660,378