Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,204/mo
Lowest payment- Down payment
- $103,038
- Funds due
- $112,626
- Interest + MI left
- $67,495
- First ends
- Oct 2050
Assumption
Assumption + second
$1,807/mo
+$603/mo- Down payment
- $28,038
- Funds due
- $39,042
- Interest + MI left
- $209,743
- First ends
- Oct 2050
New loan
New conventional
$2,078/mo
+$875/mo- Down payment
- $28,038
- Funds due
- $36,015
- Interest + MI left
- $356,664
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,962 | $168,962 | $243,962 |
| Second mortgage | — | $75,000 | — |
| First P&I | $826.77 | $826.77 | $1,652.68 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $48.79 |
| Taxes, insurance & HOA | $376.83 | $376.83 | $376.83 |
| Total housing payment | $1,203.61 | $1,807.07 | $2,078.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,038
Closing costs & prepaids$11,004
Usable credit−$0
Total buyer cash needed$39,042
Earnest money paid−$0
Remaining funds due$39,042
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,720.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$844.81
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)$326.50
Initial HOA (3 months)$354.00
Prepaid interest, first (9 days)$124.57
Prepaid interest, second (9 days)$166.44
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 10 moOf the original 30-year loan at 2.99%
Interest already paid$33,791Through Dec 2026
Assumption only · ends Oct 2050$67,495
Assumption + second · ends Oct 2050, second Jan 2057$209,743
New conventional · ends Jan 2057$356,664