Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,337/mo
Lowest payment- Down payment
- $137,375
- Funds due
- $147,433
- Interest + MI left
- $84,165
- First ends
- Feb 2050
Assumption
Assumption + second
$2,115/mo
+$778/mo- Down payment
- $31,375
- Funds due
- $42,799
- Interest + MI left
- $258,169
- First ends
- Feb 2050
New loan
New conventional
$2,357/mo
+$1,020/mo- Down payment
- $31,375
- Funds due
- $39,651
- Interest + MI left
- $407,396
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,625 | $172,625 | $278,625 |
| Second mortgage | — | $106,000 | — |
| First P&I | $923.70 | $923.70 | $1,887.50 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $55.73 |
| Taxes, insurance & HOA | $413.50 | $413.50 | $413.50 |
| Total housing payment | $1,337.20 | $2,115.00 | $2,356.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,375
Closing costs & prepaids$11,425
Usable credit−$0
Total buyer cash needed$42,799
Earnest money paid−$0
Remaining funds due$42,799
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$863.13
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)$87.02
Prepaid interest, second (5 days)$116.16
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 2 moOf the original 30-year loan at 3.68%
Interest already paid$47,193Through Dec 2026
Assumption only · ends Feb 2050$84,165
Assumption + second · ends Feb 2050, second Jan 2057$258,169
New conventional · ends Jan 2057$407,396