Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,707/mo
Lowest payment- Down payment
- $167,951
- Funds due
- $179,765
- Interest + MI left
- $105,369
- First ends
- Aug 2050
Assumption
Assumption + second
$2,617/mo
+$910/mo- Down payment
- $43,951
- Funds due
- $57,259
- Interest + MI left
- $308,921
- First ends
- Aug 2050
New loan
New conventional
$3,105/mo
+$1,398/mo- Down payment
- $43,951
- Funds due
- $53,710
- Interest + MI left
- $564,244
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,949 | $261,949 | $385,949 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,293.37 | $1,293.37 | $2,614.55 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | — | — | $77.19 |
| Taxes, insurance & HOA | $413.67 | $413.67 | $413.67 |
| Total housing payment | $1,707.04 | $2,616.91 | $3,105.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,951
Closing costs & prepaids$13,308
Usable credit−$0
Total buyer cash needed$57,259
Earnest money paid−$0
Remaining funds due$57,259
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,309.74
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)$516.00
Initial HOA (3 months)$275.01
Prepaid interest, first (9 days)$195.71
Prepaid interest, second (9 days)$244.60
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 3.03%
Interest already paid$54,645Through Dec 2026
Assumption only · ends Aug 2050$105,369
Assumption + second · ends Aug 2050, second Jan 2057$308,921
New conventional · ends Jan 2057$564,244