Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,558/mo
Lowest payment- Down payment
- $181,383
- Funds due
- $192,657
- Interest + MI left
- $82,729
- First ends
- Jul 2050
Assumption
Assumption + second
$2,607/mo
+$1,049/mo- Down payment
- $38,383
- Funds due
- $50,970
- Interest + MI left
- $317,471
- First ends
- Jul 2050
New loan
New conventional
$2,983/mo
+$1,425/mo- Down payment
- $38,383
- Funds due
- $47,615
- Interest + MI left
- $510,435
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,617 | $193,617 | $336,617 |
| Second mortgage | — | $143,000 | — |
| First P&I | $973.05 | $973.05 | $2,330.67 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | — | — | $67.32 |
| Taxes, insurance & HOA | $584.67 | $584.67 | $584.67 |
| Total housing payment | $1,557.72 | $2,607.00 | $2,982.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,383
Closing costs & prepaids$12,587
Usable credit−$0
Total buyer cash needed$50,970
Earnest money paid−$0
Remaining funds due$50,970
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$968.09
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)$1,304.00
Prepaid interest, first (2 days)$33.95
Prepaid interest, second (2 days)$62.68
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 8 moOf the original 30-year loan at 3.200%
Interest already paid$42,569Through Nov 2026
Assumption only · ends Jul 2050$82,729
Assumption + second · ends Jul 2050, second Dec 2056$317,471
New conventional · ends Dec 2056$510,435