Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,272/mo
Lowest payment- Down payment
- $121,828
- Funds due
- $131,628
- Interest + MI left
- $91,357
- First ends
- Apr 2050
Assumption
Assumption + second
$1,996/mo
+$724/mo- Down payment
- $31,828
- Funds due
- $43,078
- Interest + MI left
- $262,055
- First ends
- Apr 2050
New loan
New conventional
$2,214/mo
+$942/mo- Down payment
- $31,828
- Funds due
- $39,899
- Interest + MI left
- $406,678
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,172 | $188,172 | $278,172 |
| Second mortgage | — | $90,000 | — |
| First P&I | $998.32 | $998.32 | $1,884.43 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $55.63 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $1,272.32 | $1,996.48 | $2,214.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,828
Closing costs & prepaids$11,249
Usable credit−$0
Total buyer cash needed$43,078
Earnest money paid−$0
Remaining funds due$43,078
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$940.86
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)$372.00
Prepaid interest, first (9 days)$168.89
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 closing23 yr 4 moOf the original 30-year loan at 3.64%
Interest already paid$49,537Through Dec 2026
Assumption only · ends Apr 2050$91,357
Assumption + second · ends Apr 2050, second Jan 2057$262,055
New conventional · ends Jan 2057$406,678