Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,166/mo
Lowest payment- Down payment
- $197,978
- Funds due
- $215,729
- Interest + MI left
- $212,021
- First ends
- Dec 2050
Assumption
Assumption + second
$4,068/mo
+$903/mo- Down payment
- $74,978
- Funds due
- $94,222
- Interest + MI left
- $413,932
- First ends
- Dec 2050
New loan
New conventional
$5,217/mo
+$2,051/mo- Down payment
- $74,978
- Funds due
- $89,235
- Interest + MI left
- $985,532
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $551,022 | $551,022 | $674,022 |
| Second mortgage | — | $123,000 | — |
| First P&I | $2,649.46 | $2,649.46 | $4,566.06 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | — | — | $134.80 |
| Taxes, insurance & HOA | $516.25 | $516.25 | $516.25 |
| Total housing payment | $3,165.71 | $4,068.24 | $5,217.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,978
Closing costs & prepaids$19,244
Usable credit−$0
Total buyer cash needed$94,222
Earnest money paid−$0
Remaining funds due$94,222
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,755.11
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$898.75
Prepaid interest, first (9 days)$389.94
Prepaid interest, second (9 days)$242.63
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 closing24 yrOf the original 30-year loan at 2.87%
Interest already paid$102,783Through Dec 2026
Assumption only · ends Dec 2050$212,021
Assumption + second · ends Dec 2050, second Jan 2057$413,932
New conventional · ends Jan 2057$985,532