Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,123/mo
Lowest payment- Down payment
- $279,828
- Funds due
- $290,743
- Interest + MI left
- $68,924
- First ends
- Mar 2050
Assumption
Assumption + second
$2,820/mo
+$1,698/mo- Down payment
- $42,828
- Funds due
- $55,446
- Interest + MI left
- $443,167
- First ends
- Mar 2050
New loan
New conventional
$3,003/mo
+$1,880/mo- Down payment
- $42,828
- Funds due
- $52,362
- Interest + MI left
- $551,086
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,949 | $139,949 | $376,949 |
| Second mortgage | — | $237,000 | — |
| First P&I | $748.65 | $748.65 | $2,553.58 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $75.39 |
| Taxes, insurance & HOA | $373.92 | $373.92 | $373.92 |
| Total housing payment | $1,122.57 | $2,820.46 | $3,002.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,828
Closing costs & prepaids$12,618
Usable credit−$0
Total buyer cash needed$55,446
Earnest money paid−$0
Remaining funds due$55,446
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,197.77
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$699.75
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)$503.75
Initial HOA (3 months)$168.00
Prepaid interest, first (9 days)$127.68
Prepaid interest, second (9 days)$452.90
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 3.7%
Interest already paid$37,940Through Dec 2026
Assumption only · ends Mar 2050$68,924
Assumption + second · ends Mar 2050, second Jan 2057$443,167
New conventional · ends Jan 2057$551,086