Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,398/mo
Lowest payment- Down payment
- $139,091
- Funds due
- $149,666
- Interest + MI left
- $85,512
- First ends
- Nov 2050
Assumption
Assumption + second
$2,161/mo
+$763/mo- Down payment
- $35,091
- Funds due
- $47,121
- Interest + MI left
- $256,234
- First ends
- Nov 2050
New loan
New conventional
$2,561/mo
+$1,163/mo- Down payment
- $35,091
- Funds due
- $43,868
- Interest + MI left
- $460,449
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,909 | $210,909 | $314,909 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,032.83 | $1,032.83 | $2,133.30 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | — | — | $62.98 |
| Taxes, insurance & HOA | $365.00 | $365.00 | $365.00 |
| Total housing payment | $1,397.83 | $2,160.94 | $2,561.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,091
Closing costs & prepaids$12,030
Usable credit−$0
Total buyer cash needed$47,121
Earnest money paid−$0
Remaining funds due$47,121
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,054.54
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)$420.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$157.05
Prepaid interest, second (9 days)$205.15
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 11 moOf the original 30-year loan at 3.02%
Interest already paid$41,955Through Dec 2026
Assumption only · ends Nov 2050$85,512
Assumption + second · ends Nov 2050, second Jan 2057$256,234
New conventional · ends Jan 2057$460,449