Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,438/mo
Lowest payment- Down payment
- $39,847
- Funds due
- $49,551
- Interest + MI left
- $88,918
- First ends
- Oct 2050
Assumption
Assumption + second
$1,703/mo
+$265/mo- Down payment
- $13,847
- Funds due
- $24,877
- Interest + MI left
- $158,296
- First ends
- Oct 2050
New loan
New conventional
$2,074/mo
+$636/mo- Down payment
- $13,847
- Funds due
- $21,790
- Interest + MI left
- $361,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,153 | $220,153 | $246,153 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,080.67 | $1,080.67 | $1,667.53 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $49.23 |
| Taxes, insurance & HOA | $357.00 | $357.00 | $357.00 |
| Total housing payment | $1,437.67 | $1,702.61 | $2,073.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,847
Closing costs & prepaids$11,030
Usable credit−$0
Total buyer cash needed$24,877
Earnest money paid−$0
Remaining funds due$24,877
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,100.76
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)$312.00
Initial HOA (3 months)$309.00
Prepaid interest, first (9 days)$163.94
Prepaid interest, second (9 days)$76.13
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 10 moOf the original 30-year loan at 3.02%
Interest already paid$44,454Through Dec 2026
Assumption only · ends Oct 2050$88,918
Assumption + second · ends Oct 2050, second Jan 2057$158,296
New conventional · ends Jan 2057$361,147