Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,556/mo
Lowest payment- Down payment
- $162,783
- Funds due
- $173,948
- Interest + MI left
- $91,520
- First ends
- Sep 2050
Assumption
Assumption + second
$2,466/mo
+$910/mo- Down payment
- $38,783
- Funds due
- $51,334
- Interest + MI left
- $295,073
- First ends
- Sep 2050
New loan
New conventional
$2,852/mo
+$1,296/mo- Down payment
- $38,783
- Funds due
- $47,923
- Interest + MI left
- $498,701
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,117 | $217,117 | $341,117 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,082.94 | $1,082.94 | $2,310.85 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | — | — | $68.22 |
| Taxes, insurance & HOA | $472.92 | $472.92 | $472.92 |
| Total housing payment | $1,555.85 | $2,465.72 | $2,851.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,783
Closing costs & prepaids$12,551
Usable credit−$0
Total buyer cash needed$51,334
Earnest money paid−$0
Remaining funds due$51,334
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,085.58
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)$968.75
Prepaid interest, first (5 days)$93.69
Prepaid interest, second (5 days)$135.89
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 9 moOf the original 30-year loan at 3.15%
Interest already paid$46,337Through Dec 2026
Assumption only · ends Sep 2050$91,520
Assumption + second · ends Sep 2050, second Jan 2057$295,073
New conventional · ends Jan 2057$498,701