Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,166/mo
Lowest payment- Down payment
- $148,840
- Funds due
- $158,678
- Interest + MI left
- $74,538
- First ends
- May 2050
Assumption
Assumption + second
$2,018/mo
+$851/mo- Down payment
- $32,840
- Funds due
- $44,157
- Interest + MI left
- $264,958
- First ends
- May 2050
New loan
New conventional
$2,295/mo
+$1,128/mo- Down payment
- $32,840
- Funds due
- $41,071
- Interest + MI left
- $419,818
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,160 | $171,160 | $287,160 |
| Second mortgage | — | $116,000 | — |
| First P&I | $874.37 | $874.37 | $1,945.32 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $57.43 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $1,166.37 | $2,017.54 | $2,294.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,840
Closing costs & prepaids$11,317
Usable credit−$0
Total buyer cash needed$44,157
Earnest money paid−$0
Remaining funds due$44,157
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$855.80
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)$384.00
Initial HOA (3 months)$42.00
Prepaid interest, first (9 days)$138.85
Prepaid interest, second (9 days)$228.82
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 5 moOf the original 30-year loan at 3.29%
Interest already paid$40,336Through Dec 2026
Assumption only · ends May 2050$74,538
Assumption + second · ends May 2050, second Jan 2057$264,958
New conventional · ends Jan 2057$419,818