Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,400/mo
Lowest payment- Down payment
- $146,321
- Funds due
- $156,814
- Interest + MI left
- $93,419
- First ends
- Jun 2050
Assumption
Assumption + second
$2,214/mo
+$814/mo- Down payment
- $35,321
- Funds due
- $47,283
- Interest + MI left
- $275,631
- First ends
- Jun 2050
New loan
New conventional
$2,537/mo
+$1,138/mo- Down payment
- $35,321
- Funds due
- $44,037
- Interest + MI left
- $458,651
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,679 | $202,679 | $313,679 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,049.99 | $1,049.99 | $2,124.97 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | — | — | $62.74 |
| Taxes, insurance & HOA | $349.58 | $349.58 | $349.58 |
| Total housing payment | $1,399.58 | $2,214.05 | $2,537.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,321
Closing costs & prepaids$11,962
Usable credit−$0
Total buyer cash needed$47,283
Earnest money paid−$0
Remaining funds due$47,283
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,013.39
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)$418.75
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$172.42
Prepaid interest, second (9 days)$218.96
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 6 moOf the original 30-year loan at 3.45%
Interest already paid$49,290Through Dec 2026
Assumption only · ends Jun 2050$93,419
Assumption + second · ends Jun 2050, second Jan 2057$275,631
New conventional · ends Jan 2057$458,651