Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,333/mo
Lowest payment- Down payment
- $104,899
- Funds due
- $114,819
- Interest + MI left
- $89,240
- First ends
- Oct 2050
Assumption
Assumption + second
$1,912/mo
+$579/mo- Down payment
- $32,899
- Funds due
- $44,105
- Interest + MI left
- $225,798
- First ends
- Oct 2050
New loan
New conventional
$2,336/mo
+$1,003/mo- Down payment
- $32,899
- Funds due
- $40,679
- Interest + MI left
- $442,932
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,101 | $220,101 | $292,101 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,077.84 | $1,077.84 | $2,022.45 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | — | — | $58.42 |
| Taxes, insurance & HOA | $255.25 | $255.25 | $255.25 |
| Total housing payment | $1,333.09 | $1,912.42 | $2,336.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,899
Closing costs & prepaids$11,206
Usable credit−$0
Total buyer cash needed$44,105
Earnest money paid−$0
Remaining funds due$44,105
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,100.51
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)$315.75
Prepaid interest, first (2 days)$36.42
Prepaid interest, second (2 days)$35.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 3.020%
Interest already paid$43,784Through Nov 2026
Assumption only · ends Oct 2050$89,240
Assumption + second · ends Oct 2050, second Dec 2056$225,798
New conventional · ends Dec 2056$442,932