Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,672/mo
Lowest payment- Down payment
- $138,935
- Funds due
- $150,188
- Interest + MI left
- $101,967
- First ends
- Oct 2050
Assumption
Assumption + second
$2,406/mo
+$734/mo- Down payment
- $38,935
- Funds due
- $51,503
- Interest + MI left
- $266,122
- First ends
- Oct 2050
New loan
New conventional
$2,835/mo
+$1,163/mo- Down payment
- $38,935
- Funds due
- $47,938
- Interest + MI left
- $492,607
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,965 | $240,965 | $340,965 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,199.06 | $1,199.06 | $2,293.69 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | — | — | $68.19 |
| Taxes, insurance & HOA | $472.92 | $472.92 | $472.92 |
| Total housing payment | $1,671.98 | $2,405.75 | $2,834.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,935
Closing costs & prepaids$12,569
Usable credit−$0
Total buyer cash needed$51,503
Earnest money paid−$0
Remaining funds due$51,503
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%)$1,204.83
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 (3 days)$62.39
Prepaid interest, second (3 days)$65.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 10 moOf the original 30-year loan at 3.15%
Interest already paid$50,673Through Dec 2026
Assumption only · ends Oct 2050$101,967
Assumption + second · ends Oct 2050, second Jan 2057$266,122
New conventional · ends Jan 2057$492,607