Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,306/mo
Lowest payment- Down payment
- $211,758
- Funds due
- $222,677
- Interest + MI left
- $55,987
- First ends
- Oct 2050
Assumption
Assumption + second
$2,604/mo
+$1,299/mo- Down payment
- $34,758
- Funds due
- $47,276
- Interest + MI left
- $346,541
- First ends
- Oct 2050
New loan
New conventional
$2,808/mo
+$1,502/mo- Down payment
- $34,758
- Funds due
- $44,317
- Interest + MI left
- $453,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,242 | $133,242 | $310,242 |
| Second mortgage | — | $177,000 | — |
| First P&I | $661.64 | $661.64 | $2,101.69 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $62.05 |
| Taxes, insurance & HOA | $644.00 | $644.00 | $644.00 |
| Total housing payment | $1,305.64 | $2,604.40 | $2,807.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,758
Closing costs & prepaids$12,518
Usable credit−$0
Total buyer cash needed$47,276
Earnest money paid−$0
Remaining funds due$47,276
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$666.21
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)$414.00
Initial HOA (3 months)$1,068.00
Prepaid interest, first (9 days)$102.83
Prepaid interest, second (9 days)$349.15
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 10 moOf the original 30-year loan at 3.13%
Interest already paid$27,848Through Dec 2026
Assumption only · ends Oct 2050$55,987
Assumption + second · ends Oct 2050, second Jan 2057$346,541
New conventional · ends Jan 2057$453,625