Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,004/mo
Lowest payment- Down payment
- $175,695
- Funds due
- $188,072
- Interest + MI left
- $136,323
- First ends
- Mar 2050
Assumption
Assumption + second
$2,958/mo
+$954/mo- Down payment
- $45,695
- Funds due
- $59,464
- Interest + MI left
- $349,724
- First ends
- Mar 2050
New loan
New conventional
$3,352/mo
+$1,348/mo- Down payment
- $45,695
- Funds due
- $55,708
- Interest + MI left
- $591,080
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,305 | $274,305 | $404,305 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,471.79 | $1,471.79 | $2,738.90 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $80.86 |
| Taxes, insurance & HOA | $532.50 | $532.50 | $532.50 |
| Total housing payment | $2,004.29 | $2,958.18 | $3,352.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,695
Closing costs & prepaids$13,770
Usable credit−$0
Total buyer cash needed$59,464
Earnest money paid−$0
Remaining funds due$59,464
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,371.53
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)$1,147.50
Prepaid interest, first (5 days)$140.16
Prepaid interest, second (5 days)$142.47
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 3 moOf the original 30-year loan at 3.73%
Interest already paid$74,939Through Dec 2026
Assumption only · ends Mar 2050$136,323
Assumption + second · ends Mar 2050, second Jan 2057$349,724
New conventional · ends Jan 2057$591,080