Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,498/mo
Lowest payment- Down payment
- $112,633
- Funds due
- $123,213
- Interest + MI left
- $73,129
- First ends
- Nov 2050
Assumption
Assumption + second
$2,166/mo
+$668/mo- Down payment
- $29,633
- Funds due
- $41,647
- Interest + MI left
- $230,550
- First ends
- Nov 2050
New loan
New conventional
$2,452/mo
+$954/mo- Down payment
- $29,633
- Funds due
- $38,553
- Interest + MI left
- $385,086
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,367 | $180,367 | $263,367 |
| Second mortgage | — | $83,000 | — |
| First P&I | $883.26 | $883.26 | $1,784.14 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $52.67 |
| Taxes, insurance & HOA | $615.17 | $615.17 | $615.17 |
| Total housing payment | $1,498.43 | $2,166.26 | $2,451.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,633
Closing costs & prepaids$12,014
Usable credit−$0
Total buyer cash needed$41,647
Earnest money paid−$0
Remaining funds due$41,647
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,930.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$901.83
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)$351.50
Initial HOA (3 months)$1,044.00
Prepaid interest, first (9 days)$134.31
Prepaid interest, second (9 days)$184.19
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$35,880Through Dec 2026
Assumption only · ends Nov 2050$73,129
Assumption + second · ends Nov 2050, second Jan 2057$230,550
New conventional · ends Jan 2057$385,086