Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,884/mo
Lowest payment- Down payment
- $103,955
- Funds due
- $115,699
- Interest + MI left
- $111,559
- First ends
- Dec 2050
Assumption
Assumption + second
$2,399/mo
+$515/mo- Down payment
- $39,955
- Funds due
- $53,028
- Interest + MI left
- $232,944
- First ends
- Dec 2050
New loan
New conventional
$2,962/mo
+$1,078/mo- Down payment
- $39,955
- Funds due
- $49,287
- Interest + MI left
- $519,135
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,045 | $291,045 | $355,045 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,397.93 | $1,397.93 | $2,405.20 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $71.01 |
| Taxes, insurance & HOA | $485.75 | $485.75 | $485.75 |
| Total housing payment | $1,883.68 | $2,398.64 | $2,961.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,955
Closing costs & prepaids$13,073
Usable credit−$0
Total buyer cash needed$53,028
Earnest money paid−$0
Remaining funds due$53,028
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%)$1,455.23
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 (5 days)$114.03
Prepaid interest, second (5 days)$78.90
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 closing24 yrOf the original 30-year loan at 2.86%
Interest already paid$54,106Through Dec 2026
Assumption only · ends Dec 2050$111,559
Assumption + second · ends Dec 2050, second Jan 2057$232,944
New conventional · ends Jan 2057$519,135