Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,210/mo
Lowest payment- Down payment
- $122,682
- Funds due
- $135,822
- Interest + MI left
- $117,543
- First ends
- Mar 2050
Assumption
Assumption + second
$2,822/mo
+$612/mo- Down payment
- $46,682
- Funds due
- $61,166
- Interest + MI left
- $261,688
- First ends
- Mar 2050
New loan
New conventional
$3,479/mo
+$1,269/mo- Down payment
- $46,682
- Funds due
- $57,137
- Interest + MI left
- $611,650
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,318 | $342,318 | $418,318 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,648.25 | $1,648.25 | $2,833.83 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $83.66 |
| Taxes, insurance & HOA | $561.92 | $561.92 | $561.92 |
| Total housing payment | $2,210.16 | $2,821.68 | $3,479.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,682
Closing costs & prepaids$14,484
Usable credit−$0
Total buyer cash needed$61,166
Earnest money paid−$0
Remaining funds due$61,166
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,711.59
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,185.75
Prepaid interest, first (5 days)$125.20
Prepaid interest, second (5 days)$93.70
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 3 moOf the original 29-year loan at 2.67%
Interest already paid$57,077Through Dec 2026
Assumption only · ends Mar 2050$117,543
Assumption + second · ends Mar 2050, second Jan 2057$261,688
New conventional · ends Jan 2057$611,650