Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$936/mo
Lowest payment- Down payment
- $222,849
- Funds due
- $232,685
- Interest + MI left
- $63,424
- First ends
- Aug 2050
Assumption
Assumption + second
$2,294/mo
+$1,357/mo- Down payment
- $37,849
- Funds due
- $48,976
- Interest + MI left
- $367,111
- First ends
- Aug 2050
New loan
New conventional
$2,585/mo
+$1,649/mo- Down payment
- $37,849
- Funds due
- $45,803
- Interest + MI left
- $512,827
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,150 | $153,150 | $338,150 |
| Second mortgage | — | $185,000 | — |
| First P&I | $759.91 | $759.91 | $2,341.28 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | — | — | $67.63 |
| Taxes, insurance & HOA | $176.33 | $176.33 | $176.33 |
| Total housing payment | $936.24 | $2,293.70 | $2,585.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,849
Closing costs & prepaids$11,126
Usable credit−$0
Total buyer cash needed$48,976
Earnest money paid−$0
Remaining funds due$48,976
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,759.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$765.75
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)$79.00
Prepaid interest, first (1 days)$13.01
Prepaid interest, second (1 days)$40.55
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 9 moOf the original 30-year loan at 3.100%
Interest already paid$32,185Through Nov 2026
Assumption only · ends Aug 2050$63,424
Assumption + second · ends Aug 2050, second Dec 2056$367,111
New conventional · ends Dec 2056$512,827