Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,424/mo
Lowest payment- Down payment
- $173,955
- Funds due
- $184,660
- Interest + MI left
- $97,275
- First ends
- May 2050
Assumption
Assumption + second
$2,414/mo
+$991/mo- Down payment
- $38,955
- Funds due
- $50,969
- Interest + MI left
- $318,885
- First ends
- May 2050
New loan
New conventional
$2,796/mo
+$1,372/mo- Down payment
- $38,955
- Funds due
- $47,522
- Interest + MI left
- $524,731
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,045 | $211,045 | $346,045 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,093.33 | $1,093.33 | $2,395.95 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | — | — | $69.21 |
| Taxes, insurance & HOA | $330.42 | $330.42 | $330.42 |
| Total housing payment | $1,423.75 | $2,414.33 | $2,795.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,955
Closing costs & prepaids$12,014
Usable credit−$0
Total buyer cash needed$50,969
Earnest money paid−$0
Remaining funds due$50,969
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,055.22
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)$541.25
Prepaid interest, first (2 days)$39.90
Prepaid interest, second (2 days)$59.18
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 3.450%
Interest already paid$51,325Through Nov 2026
Assumption only · ends May 2050$97,275
Assumption + second · ends May 2050, second Dec 2056$318,885
New conventional · ends Dec 2056$524,731