Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$914/mo
Lowest payment- Down payment
- $271,057
- Funds due
- $281,315
- Interest + MI left
- $48,241
- First ends
- Aug 2050
Assumption
Assumption + second
$2,583/mo
+$1,669/mo- Down payment
- $38,057
- Funds due
- $50,010
- Interest + MI left
- $416,168
- First ends
- Aug 2050
New loan
New conventional
$2,727/mo
+$1,814/mo- Down payment
- $38,057
- Funds due
- $47,131
- Interest + MI left
- $492,453
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,843 | $103,843 | $336,843 |
| Second mortgage | — | $233,000 | — |
| First P&I | $535.51 | $535.51 | $2,281.89 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | — | — | $67.37 |
| Taxes, insurance & HOA | $378.00 | $378.00 | $378.00 |
| Total housing payment | $913.51 | $2,582.75 | $2,727.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,057
Closing costs & prepaids$11,954
Usable credit−$0
Total buyer cash needed$50,010
Earnest money paid−$0
Remaining funds due$50,010
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$519.22
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)$450.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$88.34
Prepaid interest, second (9 days)$445.25
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 8 moOf the original 30-year loan at 3.45%
Interest already paid$24,542Through Dec 2026
Assumption only · ends Aug 2050$48,241
Assumption + second · ends Aug 2050, second Jan 2057$416,168
New conventional · ends Jan 2057$492,453