Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,661/mo
Lowest payment- Down payment
- $163,702
- Funds due
- $175,330
- Interest + MI left
- $100,245
- First ends
- Sep 2050
Assumption
Assumption + second
$2,556/mo
+$895/mo- Down payment
- $41,702
- Funds due
- $54,821
- Interest + MI left
- $300,514
- First ends
- Sep 2050
New loan
New conventional
$3,020/mo
+$1,359/mo- Down payment
- $41,702
- Funds due
- $51,349
- Interest + MI left
- $541,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,248 | $248,248 | $370,248 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,222.78 | $1,222.78 | $2,508.19 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $74.05 |
| Taxes, insurance & HOA | $438.08 | $438.08 | $438.08 |
| Total housing payment | $1,660.86 | $2,556.06 | $3,020.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,702
Closing costs & prepaids$13,119
Usable credit−$0
Total buyer cash needed$54,821
Earnest money paid−$0
Remaining funds due$54,821
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,119.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,241.24
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)$494.25
Initial HOA (3 months)$369.99
Prepaid interest, first (9 days)$185.47
Prepaid interest, second (9 days)$240.66
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 9 moOf the original 30-year loan at 3.03%
Interest already paid$51,036Through Dec 2026
Assumption only · ends Sep 2050$100,245
Assumption + second · ends Sep 2050, second Jan 2057$300,514
New conventional · ends Jan 2057$541,364