Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,757/mo
Lowest payment- Down payment
- $145,409
- Funds due
- $156,923
- Interest + MI left
- $110,291
- First ends
- Jul 2050
Assumption
Assumption + second
$2,528/mo
+$770/mo- Down payment
- $40,409
- Funds due
- $53,265
- Interest + MI left
- $282,654
- First ends
- Jul 2050
New loan
New conventional
$2,942/mo
+$1,185/mo- Down payment
- $40,409
- Funds due
- $49,663
- Interest + MI left
- $512,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,591 | $249,591 | $354,591 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,271.67 | $1,271.67 | $2,385.36 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $70.92 |
| Taxes, insurance & HOA | $485.75 | $485.75 | $485.75 |
| Total housing payment | $1,757.42 | $2,527.87 | $2,942.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,409
Closing costs & prepaids$12,856
Usable credit−$0
Total buyer cash needed$53,265
Earnest money paid−$0
Remaining funds due$53,265
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,247.96
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)$1,007.25
Prepaid interest, first (4 days)$90.54
Prepaid interest, second (4 days)$92.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 7 moOf the original 30-year loan at 3.31%
Interest already paid$57,510Through Dec 2026
Assumption only · ends Jul 2050$110,291
Assumption + second · ends Jul 2050, second Jan 2057$282,654
New conventional · ends Jan 2057$512,293