Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,163/mo
Lowest payment- Down payment
- $140,159
- Funds due
- $153,601
- Interest + MI left
- $258,153
- First ends
- May 2045
Assumption
Assumption + second
$3,887/mo
+$724/mo- Down payment
- $50,159
- Funds due
- $65,051
- Interest + MI left
- $428,850
- First ends
- May 2045
New loan
New conventional
$3,503/mo
+$341/mo- Down payment
- $50,159
- Funds due
- $60,728
- Interest + MI left
- $657,596
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,741 | $359,741 | $449,741 |
| Second mortgage | — | $90,000 | — |
| First P&I | $2,795.90 | $2,795.90 | $3,046.70 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $89.95 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $3,162.57 | $3,886.73 | $3,503.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,159
Closing costs & prepaids$14,892
Usable credit−$0
Total buyer cash needed$65,051
Earnest money paid−$0
Remaining funds due$65,051
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,798.71
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)$600.00
Prepaid interest, first (9 days)$576.57
Prepaid interest, second (9 days)$199.73
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 closing18 yr 5 moOf the original 20-year loan at 6.5%
Interest already paid$37,863Through Dec 2026
Assumption only · ends May 2045$258,153
Assumption + second · ends May 2045, second Jan 2057$428,850
New conventional · ends Jan 2057$657,596