Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$771/mo
Lowest payment- Down payment
- $141,012
- Funds due
- $149,595
- Interest + MI left
- $30,509
- First ends
- Oct 2050
Assumption
Assumption + second
$1,644/mo
+$873/mo- Down payment
- $22,012
- Funds due
- $32,080
- Interest + MI left
- $225,853
- First ends
- Oct 2050
New loan
New conventional
$1,769/mo
+$998/mo- Down payment
- $22,012
- Funds due
- $29,481
- Interest + MI left
- $289,491
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,988 | $78,988 | $197,988 |
| Second mortgage | — | $119,000 | — |
| First P&I | $382.86 | $382.86 | $1,341.24 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $39.60 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $770.86 | $1,644.04 | $1,768.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,012
Closing costs & prepaids$10,068
Usable credit−$0
Total buyer cash needed$32,080
Earnest money paid−$0
Remaining funds due$32,080
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$394.94
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)$264.00
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$56.48
Prepaid interest, second (9 days)$234.74
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 2.9%
Interest already paid$15,338Through Dec 2026
Assumption only · ends Oct 2050$30,509
Assumption + second · ends Oct 2050, second Jan 2057$225,853
New conventional · ends Jan 2057$289,491