Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,289/mo
Lowest payment- Down payment
- $170,914
- Funds due
- $181,261
- Interest + MI left
- $90,754
- First ends
- Apr 2050
Assumption
Assumption + second
$2,280/mo
+$991/mo- Down payment
- $35,914
- Funds due
- $47,777
- Interest + MI left
- $312,364
- First ends
- Apr 2050
New loan
New conventional
$2,547/mo
+$1,257/mo- Down payment
- $35,914
- Funds due
- $44,573
- Interest + MI left
- $472,405
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,086 | $188,086 | $323,086 |
| Second mortgage | — | $135,000 | — |
| First P&I | $995.86 | $995.86 | $2,188.70 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | — | — | $64.62 |
| Taxes, insurance & HOA | $293.58 | $293.58 | $293.58 |
| Total housing payment | $1,289.44 | $2,280.02 | $2,546.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,914
Closing costs & prepaids$11,863
Usable credit−$0
Total buyer cash needed$47,777
Earnest money paid−$0
Remaining funds due$47,777
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$940.43
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)$430.75
Prepaid interest, first (9 days)$167.89
Prepaid interest, second (9 days)$266.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.62%
Interest already paid$49,254Through Dec 2026
Assumption only · ends Apr 2050$90,754
Assumption + second · ends Apr 2050, second Jan 2057$312,364
New conventional · ends Jan 2057$472,405