Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$966/mo
Lowest payment- Down payment
- $263,046
- Funds due
- $273,493
- Interest + MI left
- $52,122
- First ends
- Sep 2050
Assumption
Assumption + second
$2,563/mo
+$1,598/mo- Down payment
- $40,046
- Funds due
- $52,169
- Interest + MI left
- $404,257
- First ends
- Sep 2050
New loan
New conventional
$2,806/mo
+$1,840/mo- Down payment
- $40,046
- Funds due
- $49,162
- Interest + MI left
- $523,388
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,954 | $134,954 | $357,954 |
| Second mortgage | — | $223,000 | — |
| First P&I | $656.41 | $656.41 | $2,424.91 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | — | — | $71.59 |
| Taxes, insurance & HOA | $309.17 | $309.17 | $309.17 |
| Total housing payment | $965.57 | $2,563.17 | $2,805.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,046
Closing costs & prepaids$12,123
Usable credit−$0
Total buyer cash needed$52,169
Earnest money paid−$0
Remaining funds due$52,169
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$674.77
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)$477.50
Prepaid interest, first (9 days)$96.83
Prepaid interest, second (9 days)$426.14
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 9 moOf the original 30-year loan at 2.91%
Interest already paid$26,684Through Dec 2026
Assumption only · ends Sep 2050$52,122
Assumption + second · ends Sep 2050, second Jan 2057$404,257
New conventional · ends Jan 2057$523,388