Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$909/mo
Lowest payment- Down payment
- $201,700
- Funds due
- $211,198
- Interest + MI left
- $57,836
- First ends
- Mar 2050
Assumption
Assumption + second
$2,149/mo
+$1,240/mo- Down payment
- $32,700
- Funds due
- $43,782
- Interest + MI left
- $335,259
- First ends
- Mar 2050
New loan
New conventional
$2,281/mo
+$1,372/mo- Down payment
- $32,700
- Funds due
- $40,889
- Interest + MI left
- $419,803
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,150 | $118,150 | $287,150 |
| Second mortgage | — | $169,000 | — |
| First P&I | $630.77 | $630.77 | $1,945.25 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $57.43 |
| Taxes, insurance & HOA | $277.92 | $277.92 | $277.92 |
| Total housing payment | $908.69 | $2,148.75 | $2,280.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,700
Closing costs & prepaids$11,082
Usable credit−$0
Total buyer cash needed$43,782
Earnest money paid−$0
Remaining funds due$43,782
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,198.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$590.75
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)$383.75
Prepaid interest, first (9 days)$107.21
Prepaid interest, second (9 days)$333.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 3.68%
Interest already paid$31,865Through Dec 2026
Assumption only · ends Mar 2050$57,836
Assumption + second · ends Mar 2050, second Jan 2057$335,259
New conventional · ends Jan 2057$419,803