Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,565/mo
Lowest payment- Down payment
- $167,141
- Funds due
- $178,355
- Interest + MI left
- $105,439
- First ends
- Jul 2050
Assumption
Assumption + second
$2,497/mo
+$932/mo- Down payment
- $40,141
- Funds due
- $52,855
- Interest + MI left
- $313,917
- First ends
- Jul 2050
New loan
New conventional
$2,863/mo
+$1,297/mo- Down payment
- $40,141
- Funds due
- $49,456
- Interest + MI left
- $518,792
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,859 | $227,859 | $354,859 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,177.73 | $1,177.73 | $2,403.94 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | — | — | $70.97 |
| Taxes, insurance & HOA | $387.67 | $387.67 | $387.67 |
| Total housing payment | $1,565.40 | $2,497.28 | $2,862.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,141
Closing costs & prepaids$12,715
Usable credit−$0
Total buyer cash needed$52,855
Earnest money paid−$0
Remaining funds due$52,855
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,139.30
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)$474.00
Initial HOA (3 months)$239.01
Prepaid interest, first (9 days)$193.84
Prepaid interest, second (9 days)$250.52
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 7 moOf the original 30-year loan at 3.45%
Interest already paid$54,632Through Dec 2026
Assumption only · ends Jul 2050$105,439
Assumption + second · ends Jul 2050, second Jan 2057$313,917
New conventional · ends Jan 2057$518,792