Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,482/mo
Lowest payment- Down payment
- $123,510
- Funds due
- $133,953
- Interest + MI left
- $102,994
- First ends
- Apr 2050
Assumption
Assumption + second
$2,206/mo
+$724/mo- Down payment
- $33,510
- Funds due
- $45,403
- Interest + MI left
- $273,691
- First ends
- Apr 2050
New loan
New conventional
$2,462/mo
+$980/mo- Down payment
- $33,510
- Funds due
- $42,111
- Interest + MI left
- $440,828
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,490 | $211,490 | $301,490 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,123.15 | $1,123.15 | $2,042.40 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $60.30 |
| Taxes, insurance & HOA | $359.00 | $359.00 | $359.00 |
| Total housing payment | $1,482.15 | $2,206.32 | $2,461.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,510
Closing costs & prepaids$11,893
Usable credit−$0
Total buyer cash needed$45,403
Earnest money paid−$0
Remaining funds due$45,403
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,057.45
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)$402.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$190.34
Prepaid interest, second (9 days)$199.73
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 4 moOf the original 30-year loan at 3.65%
Interest already paid$55,822Through Dec 2026
Assumption only · ends Apr 2050$102,994
Assumption + second · ends Apr 2050, second Jan 2057$273,691
New conventional · ends Jan 2057$440,828