Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,211/mo
Lowest payment- Down payment
- $136,952
- Funds due
- $146,916
- Interest + MI left
- $68,399
- First ends
- Dec 2050
Assumption
Assumption + second
$1,988/mo
+$778/mo- Down payment
- $30,952
- Funds due
- $42,375
- Interest + MI left
- $242,404
- First ends
- Dec 2050
New loan
New conventional
$2,310/mo
+$1,099/mo- Down payment
- $30,952
- Funds due
- $39,325
- Interest + MI left
- $404,359
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,548 | $170,548 | $276,548 |
| Second mortgage | — | $106,000 | — |
| First P&I | $829.68 | $829.68 | $1,873.43 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $55.31 |
| Taxes, insurance & HOA | $381.00 | $381.00 | $381.00 |
| Total housing payment | $1,210.68 | $1,988.47 | $2,309.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,952
Closing costs & prepaids$11,423
Usable credit−$0
Total buyer cash needed$42,375
Earnest money paid−$0
Remaining funds due$42,375
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,075.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$852.74
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)$369.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$125.32
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 closing24 yrOf the original 30-year loan at 2.98%
Interest already paid$32,989Through Dec 2026
Assumption only · ends Dec 2050$68,399
Assumption + second · ends Dec 2050, second Jan 2057$242,404
New conventional · ends Jan 2057$404,359