Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,005/mo
Lowest payment- Down payment
- $171,893
- Funds due
- $181,546
- Interest + MI left
- $59,819
- First ends
- Oct 2050
Assumption
Assumption + second
$2,025/mo
+$1,020/mo- Down payment
- $32,893
- Funds due
- $44,070
- Interest + MI left
- $287,995
- First ends
- Oct 2050
New loan
New conventional
$2,280/mo
+$1,275/mo- Down payment
- $32,893
- Funds due
- $41,081
- Interest + MI left
- $419,740
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,107 | $148,107 | $287,107 |
| Second mortgage | — | $139,000 | — |
| First P&I | $727.02 | $727.02 | $1,944.96 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | — | — | $57.42 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $1,005.02 | $2,024.95 | $2,280.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,893
Closing costs & prepaids$11,177
Usable credit−$0
Total buyer cash needed$44,070
Earnest money paid−$0
Remaining funds due$44,070
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$740.54
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)$384.00
Prepaid interest, first (9 days)$110.29
Prepaid interest, second (9 days)$274.19
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 10 moOf the original 30-year loan at 3.02%
Interest already paid$29,906Through Dec 2026
Assumption only · ends Oct 2050$59,819
Assumption + second · ends Oct 2050, second Jan 2057$287,995
New conventional · ends Jan 2057$419,740