Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,450/mo
Lowest payment- Down payment
- $94,931
- Funds due
- $105,199
- Interest + MI left
- $82,435
- First ends
- Nov 2050
Assumption
Assumption + second
$1,957/mo
+$507/mo- Down payment
- $31,931
- Funds due
- $43,527
- Interest + MI left
- $201,923
- First ends
- Nov 2050
New loan
New conventional
$2,353/mo
+$903/mo- Down payment
- $31,931
- Funds due
- $40,201
- Interest + MI left
- $406,513
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,059 | $215,059 | $278,059 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,036.56 | $1,036.56 | $1,883.67 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $55.61 |
| Taxes, insurance & HOA | $413.50 | $413.50 | $413.50 |
| Total housing payment | $1,450.06 | $1,956.98 | $2,352.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,931
Closing costs & prepaids$11,596
Usable credit−$0
Total buyer cash needed$43,527
Earnest money paid−$0
Remaining funds due$43,527
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,099.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,075.29
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)$790.50
Prepaid interest, first (5 days)$84.55
Prepaid interest, second (5 days)$77.67
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$40,728Through Dec 2026
Assumption only · ends Nov 2050$82,435
Assumption + second · ends Nov 2050, second Jan 2057$201,923
New conventional · ends Jan 2057$406,513