Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,897/mo
Lowest payment- Down payment
- $166,051
- Funds due
- $178,241
- Interest + MI left
- $128,894
- First ends
- May 2050
Assumption
Assumption + second
$2,785/mo
+$888/mo- Down payment
- $45,051
- Funds due
- $58,729
- Interest + MI left
- $327,522
- First ends
- May 2050
New loan
New conventional
$3,235/mo
+$1,338/mo- Down payment
- $45,051
- Funds due
- $55,072
- Interest + MI left
- $584,792
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,949 | $278,949 | $399,949 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,451.40 | $1,451.40 | $2,709.39 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $79.99 |
| Taxes, insurance & HOA | $446.00 | $446.00 | $446.00 |
| Total housing payment | $1,897.40 | $2,785.25 | $3,235.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,051
Closing costs & prepaids$13,678
Usable credit−$0
Total buyer cash needed$58,729
Earnest money paid−$0
Remaining funds due$58,729
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,394.74
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)$534.00
Initial HOA (3 months)$354.00
Prepaid interest, first (9 days)$238.67
Prepaid interest, second (9 days)$238.68
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 3.47%
Interest already paid$69,181Through Dec 2026
Assumption only · ends May 2050$128,894
Assumption + second · ends May 2050, second Jan 2057$327,522
New conventional · ends Jan 2057$584,792