Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,140/mo
Lowest payment- Down payment
- $112,148
- Funds due
- $121,324
- Interest + MI left
- $83,784
- First ends
- Apr 2050
Assumption
Assumption + second
$1,816/mo
+$676/mo- Down payment
- $28,148
- Funds due
- $38,616
- Interest + MI left
- $243,102
- First ends
- Apr 2050
New loan
New conventional
$2,039/mo
+$898/mo- Down payment
- $28,148
- Funds due
- $35,478
- Interest + MI left
- $381,799
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,752 | $167,752 | $251,752 |
| Second mortgage | — | $84,000 | — |
| First P&I | $895.14 | $895.14 | $1,743.08 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $50.35 |
| Taxes, insurance & HOA | $245.25 | $245.25 | $245.25 |
| Total housing payment | $1,140.39 | $1,816.28 | $2,038.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,148
Closing costs & prepaids$10,467
Usable credit−$0
Total buyer cash needed$38,616
Earnest money paid−$0
Remaining funds due$38,616
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$838.76
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)$285.75
Prepaid interest, first (2 days)$34.19
Prepaid interest, second (2 days)$41.42
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 5 moOf the original 30-year loan at 3.720%
Interest already paid$44,468Through Nov 2026
Assumption only · ends Apr 2050$83,784
Assumption + second · ends Apr 2050, second Dec 2056$243,102
New conventional · ends Dec 2056$381,799