Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,809/mo
Lowest payment- Down payment
- $95,836
- Funds due
- $106,845
- Interest + MI left
- $124,297
- First ends
- Feb 2050
Assumption
Assumption + second
$2,292/mo
+$483/mo- Down payment
- $35,836
- Funds due
- $48,169
- Interest + MI left
- $238,095
- First ends
- Feb 2050
New loan
New conventional
$2,639/mo
+$830/mo- Down payment
- $35,836
- Funds due
- $44,604
- Interest + MI left
- $459,297
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,164 | $254,164 | $314,164 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,361.37 | $1,361.37 | $2,128.26 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $62.83 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,808.87 | $2,291.64 | $2,638.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,836
Closing costs & prepaids$12,334
Usable credit−$0
Total buyer cash needed$48,169
Earnest money paid−$0
Remaining funds due$48,169
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,270.82
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)$892.50
Prepaid interest, first (5 days)$128.47
Prepaid interest, second (5 days)$73.97
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 2 moOf the original 30-year loan at 3.69%
Interest already paid$69,665Through Dec 2026
Assumption only · ends Feb 2050$124,297
Assumption + second · ends Feb 2050, second Jan 2057$238,095
New conventional · ends Jan 2057$459,297