Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,558/mo
Lowest payment- Down payment
- $159,342
- Funds due
- $170,354
- Interest + MI left
- $96,668
- First ends
- May 2050
Assumption
Assumption + second
$2,453/mo
+$895/mo- Down payment
- $37,342
- Funds due
- $49,738
- Interest + MI left
- $296,938
- First ends
- May 2050
New loan
New conventional
$2,784/mo
+$1,226/mo- Down payment
- $37,342
- Funds due
- $46,363
- Interest + MI left
- $486,255
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,558 | $210,558 | $332,558 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,093.33 | $1,093.33 | $2,252.86 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $66.51 |
| Taxes, insurance & HOA | $464.42 | $464.42 | $464.42 |
| Total housing payment | $1,557.75 | $2,452.94 | $2,783.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,342
Closing costs & prepaids$12,396
Usable credit−$0
Total buyer cash needed$49,738
Earnest money paid−$0
Remaining funds due$49,738
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,052.79
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)$943.25
Prepaid interest, first (5 days)$99.51
Prepaid interest, second (5 days)$133.70
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 3.45%
Interest already paid$51,932Through Dec 2026
Assumption only · ends May 2050$96,668
Assumption + second · ends May 2050, second Jan 2057$296,938
New conventional · ends Jan 2057$486,255