Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$868/mo
Lowest payment- Down payment
- $68,872
- Funds due
- $76,955
- Interest + MI left
- $49,298
- First ends
- Aug 2050
Assumption
Assumption + second
$1,270/mo
+$402/mo- Down payment
- $18,872
- Funds due
- $28,266
- Interest + MI left
- $144,131
- First ends
- Aug 2050
New loan
New conventional
$1,427/mo
+$559/mo- Down payment
- $18,872
- Funds due
- $25,526
- Interest + MI left
- $235,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,128 | $111,128 | $161,128 |
| Second mortgage | — | $50,000 | — |
| First P&I | $564.88 | $564.88 | $1,091.54 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $32.23 |
| Taxes, insurance & HOA | $303.00 | $303.00 | $303.00 |
| Total housing payment | $867.88 | $1,270.19 | $1,426.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,872
Closing costs & prepaids$9,395
Usable credit−$0
Total buyer cash needed$28,266
Earnest money paid−$0
Remaining funds due$28,266
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$555.64
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)$459.00
Prepaid interest, first (5 days)$50.39
Prepaid interest, second (5 days)$61.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 8 moOf the original 30-year loan at 3.31%
Interest already paid$25,240Through Dec 2026
Assumption only · ends Aug 2050$49,298
Assumption + second · ends Aug 2050, second Jan 2057$144,131
New conventional · ends Jan 2057$235,499