Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,852/mo
Lowest payment- Down payment
- $66,908
- Funds due
- $76,581
- Interest + MI left
- $233,675
- First ends
- Sep 2050
Assumption
Assumption + second
$2,142/mo
+$290/mo- Down payment
- $30,908
- Funds due
- $41,840
- Interest + MI left
- $301,954
- First ends
- Sep 2050
New loan
New conventional
$2,166/mo
+$314/mo- Down payment
- $30,908
- Funds due
- $38,287
- Interest + MI left
- $420,229
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,092 | $241,092 | $277,092 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,660.02 | $1,660.02 | $1,918.53 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $55.42 |
| Taxes, insurance & HOA | $192.25 | $192.25 | $192.25 |
| Total housing payment | $1,852.27 | $2,141.94 | $2,166.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,908
Closing costs & prepaids$10,932
Usable credit−$0
Total buyer cash needed$41,840
Earnest money paid−$0
Remaining funds due$41,840
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,080.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,205.46
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)$126.75
Prepaid interest, first (1 days)$42.93
Prepaid interest, second (1 days)$8.88
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 10 moOf the original 25-year loan at 6.500%
Interest already paid$18,479Through Nov 2026
Assumption only · ends Sep 2050$233,675
Assumption + second · ends Sep 2050, second Dec 2056$301,954
New conventional · ends Dec 2056$420,229