Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,663/mo
Lowest payment- Down payment
- $164,116
- Funds due
- $175,962
- Interest + MI left
- $74,916
- First ends
- Oct 2050
Assumption
Assumption + second
$2,558/mo
+$895/mo- Down payment
- $42,116
- Funds due
- $55,345
- Interest + MI left
- $275,186
- First ends
- Oct 2050
New loan
New conventional
$3,142/mo
+$1,479/mo- Down payment
- $42,116
- Funds due
- $51,761
- Interest + MI left
- $552,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,784 | $255,784 | $377,784 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,156.29 | $1,156.29 | $2,559.24 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $75.56 |
| Taxes, insurance & HOA | $506.92 | $506.92 | $506.92 |
| Total housing payment | $1,663.21 | $2,558.40 | $3,141.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,116
Closing costs & prepaids$13,229
Usable credit−$0
Total buyer cash needed$55,345
Earnest money paid−$0
Remaining funds due$55,345
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,278.92
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)$1,070.75
Prepaid interest, first (5 days)$78.84
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 10 moOf the original 30-year loan at 2.25%
Interest already paid$38,850Through Dec 2026
Assumption only · ends Oct 2050$74,916
Assumption + second · ends Oct 2050, second Jan 2057$275,186
New conventional · ends Jan 2057$552,383