Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,455/mo
Lowest payment- Down payment
- $118,850
- Funds due
- $129,132
- Interest + MI left
- $92,738
- First ends
- May 2050
Assumption
Assumption + second
$2,155/mo
+$700/mo- Down payment
- $31,850
- Funds due
- $43,489
- Interest + MI left
- $257,746
- First ends
- May 2050
New loan
New conventional
$2,408/mo
+$954/mo- Down payment
- $31,850
- Funds due
- $40,215
- Interest + MI left
- $416,936
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,150 | $198,150 | $285,150 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,035.19 | $1,035.19 | $1,931.71 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $57.03 |
| Taxes, insurance & HOA | $419.42 | $419.42 | $419.42 |
| Total housing payment | $1,454.61 | $2,154.63 | $2,408.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,850
Closing costs & prepaids$11,640
Usable credit−$0
Total buyer cash needed$43,489
Earnest money paid−$0
Remaining funds due$43,489
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,170.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$990.75
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)$808.25
Prepaid interest, first (5 days)$95.27
Prepaid interest, second (5 days)$107.26
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 5 moOf the original 30-year loan at 3.51%
Interest already paid$49,685Through Dec 2026
Assumption only · ends May 2050$92,738
Assumption + second · ends May 2050, second Jan 2057$257,746
New conventional · ends Jan 2057$416,936