Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,903/mo
Lowest payment- Down payment
- $106,227
- Funds due
- $118,011
- Interest + MI left
- $101,337
- First ends
- Aug 2050
Assumption
Assumption + second
$2,467/mo
+$563/mo- Down payment
- $36,227
- Funds due
- $49,416
- Interest + MI left
- $234,102
- First ends
- Aug 2050
New loan
New conventional
$2,911/mo
+$1,008/mo- Down payment
- $36,227
- Funds due
- $45,972
- Interest + MI left
- $473,410
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,773 | $253,773 | $323,773 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,250.39 | $1,250.39 | $2,193.35 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $64.75 |
| Taxes, insurance & HOA | $653.00 | $653.00 | $653.00 |
| Total housing payment | $1,903.39 | $2,466.63 | $2,911.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,227
Closing costs & prepaids$13,190
Usable credit−$0
Total buyer cash needed$49,416
Earnest money paid−$0
Remaining funds due$49,416
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,268.87
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)$432.00
Initial HOA (3 months)$1,077.00
Prepaid interest, first (9 days)$188.35
Prepaid interest, second (9 days)$155.34
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 3.01%
Interest already paid$52,603Through Dec 2026
Assumption only · ends Aug 2050$101,337
Assumption + second · ends Aug 2050, second Jan 2057$234,102
New conventional · ends Jan 2057$473,410