Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,685/mo
Lowest payment- Down payment
- $136,940
- Funds due
- $147,994
- Interest + MI left
- $111,083
- First ends
- Jan 2050
Assumption
Assumption + second
$2,418/mo
+$734/mo- Down payment
- $36,940
- Funds due
- $49,354
- Interest + MI left
- $275,238
- First ends
- Jan 2050
New loan
New conventional
$2,748/mo
+$1,064/mo- Down payment
- $36,940
- Funds due
- $45,899
- Interest + MI left
- $479,678
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,060 | $228,060 | $328,060 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,224.34 | $1,224.34 | $2,222.39 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | — | — | $65.61 |
| Taxes, insurance & HOA | $460.25 | $460.25 | $460.25 |
| Total housing payment | $1,684.59 | $2,418.36 | $2,748.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,940
Closing costs & prepaids$12,414
Usable credit−$0
Total buyer cash needed$49,354
Earnest money paid−$0
Remaining funds due$49,354
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,140.30
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)$930.75
Prepaid interest, first (5 days)$115.28
Prepaid interest, second (5 days)$109.59
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 1 moOf the original 30-year loan at 3.69%
Interest already paid$63,356Through Dec 2026
Assumption only · ends Jan 2050$111,083
Assumption + second · ends Jan 2050, second Jan 2057$275,238
New conventional · ends Jan 2057$479,678