Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,672/mo
Lowest payment- Down payment
- $121,940
- Funds due
- $132,806
- Interest + MI left
- $111,083
- First ends
- Jan 2050
Assumption
Assumption + second
$2,364/mo
+$692/mo- Down payment
- $35,940
- Funds due
- $48,162
- Interest + MI left
- $274,194
- First ends
- Jan 2050
New loan
New conventional
$2,638/mo
+$966/mo- Down payment
- $35,940
- Funds due
- $44,707
- Interest + MI left
- $459,145
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,060 | $228,060 | $314,060 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,224.34 | $1,224.34 | $2,127.55 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $62.81 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,671.84 | $2,363.82 | $2,637.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,940
Closing costs & prepaids$12,222
Usable credit−$0
Total buyer cash needed$48,162
Earnest money paid−$0
Remaining funds due$48,162
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,140.30
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)$892.50
Prepaid interest, first (5 days)$115.28
Prepaid interest, second (5 days)$106.03
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 1 moOf the original 30-year loan at 3.69%
Interest already paid$63,356Through Dec 2026
Assumption only · ends Jan 2050$111,083
Assumption + second · ends Jan 2050, second Jan 2057$274,194
New conventional · ends Jan 2057$459,145