Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,933/mo
Lowest payment- Down payment
- $67,262
- Funds due
- $77,519
- Interest + MI left
- $232,369
- First ends
- Sep 2050
Assumption
Assumption + second
$2,223/mo
+$290/mo- Down payment
- $31,262
- Funds due
- $42,849
- Interest + MI left
- $300,648
- First ends
- Sep 2050
New loan
New conventional
$2,203/mo
+$270/mo- Down payment
- $31,262
- Funds due
- $39,314
- Interest + MI left
- $404,581
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,738 | $240,738 | $276,738 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,660.02 | $1,660.02 | $1,874.72 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $55.35 |
| Taxes, insurance & HOA | $273.17 | $273.17 | $273.17 |
| Total housing payment | $1,933.19 | $2,222.85 | $2,203.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,262
Closing costs & prepaids$11,587
Usable credit−$0
Total buyer cash needed$42,849
Earnest money paid−$0
Remaining funds due$42,849
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,080.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,203.69
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)$369.50
Prepaid interest, first (9 days)$385.84
Prepaid interest, second (9 days)$79.89
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 25-year loan at 6.5%
Interest already paid$19,784Through Dec 2026
Assumption only · ends Sep 2050$232,369
Assumption + second · ends Sep 2050, second Jan 2057$300,648
New conventional · ends Jan 2057$404,581