Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,789/mo
Lowest payment- Down payment
- $136,894
- Funds due
- $148,495
- Interest + MI left
- $75,209
- First ends
- Aug 2050
Assumption
Assumption + second
$2,566/mo
+$778/mo- Down payment
- $30,894
- Funds due
- $43,955
- Interest + MI left
- $249,213
- First ends
- Aug 2050
New loan
New conventional
$2,850/mo
+$1,062/mo- Down payment
- $30,894
- Funds due
- $40,893
- Interest + MI left
- $403,713
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,106 | $170,106 | $276,106 |
| Second mortgage | — | $106,000 | — |
| First P&I | $863.78 | $863.78 | $1,870.44 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $55.22 |
| Taxes, insurance & HOA | $924.83 | $924.83 | $924.83 |
| Total housing payment | $1,788.62 | $2,566.41 | $2,850.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,894
Closing costs & prepaids$13,061
Usable credit−$0
Total buyer cash needed$43,955
Earnest money paid−$0
Remaining funds due$43,955
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,070.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$850.53
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)$368.50
Initial HOA (3 months)$1,956.00
Prepaid interest, first (9 days)$138.42
Prepaid interest, second (9 days)$209.10
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 3.3%
Interest already paid$38,523Through Dec 2026
Assumption only · ends Aug 2050$75,209
Assumption + second · ends Aug 2050, second Jan 2057$249,213
New conventional · ends Jan 2057$403,713