Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,223/mo
Lowest payment- Down payment
- $259,622
- Funds due
- $270,584
- Interest + MI left
- $86,119
- First ends
- Jul 2050
Assumption
Assumption + second
$2,763/mo
+$1,540/mo- Down payment
- $44,622
- Funds due
- $56,880
- Interest + MI left
- $425,622
- First ends
- Jul 2050
New loan
New conventional
$3,119/mo
+$1,896/mo- Down payment
- $44,622
- Funds due
- $53,482
- Interest + MI left
- $607,200
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,378 | $185,378 | $400,378 |
| Second mortgage | — | $215,000 | — |
| First P&I | $955.97 | $955.97 | $2,772.14 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | — | — | $80.08 |
| Taxes, insurance & HOA | $266.58 | $266.58 | $266.58 |
| Total housing payment | $1,222.56 | $2,762.84 | $3,118.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,622
Closing costs & prepaids$12,258
Usable credit−$0
Total buyer cash needed$56,880
Earnest money paid−$0
Remaining funds due$56,880
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$926.89
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)$349.75
Prepaid interest, first (1 days)$17.52
Prepaid interest, second (1 days)$45.65
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 3.450%
Interest already paid$43,812Through Nov 2026
Assumption only · ends Jul 2050$86,119
Assumption + second · ends Jul 2050, second Dec 2056$425,622
New conventional · ends Dec 2056$607,200