Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,618/mo
Lowest payment- Down payment
- $93,456
- Funds due
- $104,186
- Interest + MI left
- $105,709
- First ends
- Aug 2050
Assumption
Assumption + second
$2,093/mo
+$475/mo- Down payment
- $34,456
- Funds due
- $46,567
- Interest + MI left
- $217,611
- First ends
- Aug 2050
New loan
New conventional
$2,509/mo
+$891/mo- Down payment
- $34,456
- Funds due
- $43,161
- Interest + MI left
- $446,756
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,544 | $246,544 | $305,544 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,240.33 | $1,240.33 | $2,069.86 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $61.11 |
| Taxes, insurance & HOA | $378.00 | $378.00 | $378.00 |
| Total housing payment | $1,618.33 | $2,093.05 | $2,508.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,456
Closing costs & prepaids$12,111
Usable credit−$0
Total buyer cash needed$46,567
Earnest money paid−$0
Remaining funds due$46,567
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,232.72
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)$408.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$195.14
Prepaid interest, second (9 days)$130.93
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 3.21%
Interest already paid$54,368Through Dec 2026
Assumption only · ends Aug 2050$105,709
Assumption + second · ends Aug 2050, second Jan 2057$217,611
New conventional · ends Jan 2057$446,756