Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,382/mo
Lowest payment- Down payment
- $147,119
- Funds due
- $157,475
- Interest + MI left
- $90,614
- First ends
- Mar 2050
Assumption
Assumption + second
$2,219/mo
+$836/mo- Down payment
- $33,119
- Funds due
- $44,950
- Interest + MI left
- $277,751
- First ends
- Mar 2050
New loan
New conventional
$2,473/mo
+$1,090/mo- Down payment
- $33,119
- Funds due
- $41,794
- Interest + MI left
- $434,089
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,881 | $182,881 | $296,881 |
| Second mortgage | — | $114,000 | — |
| First P&I | $980.27 | $980.27 | $2,011.18 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | — | — | $59.38 |
| Taxes, insurance & HOA | $402.00 | $402.00 | $402.00 |
| Total housing payment | $1,382.27 | $2,218.76 | $2,472.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,119
Closing costs & prepaids$11,831
Usable credit−$0
Total buyer cash needed$44,950
Earnest money paid−$0
Remaining funds due$44,950
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$914.40
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)$396.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$167.75
Prepaid interest, second (9 days)$224.88
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 3 moOf the original 30-year loan at 3.72%
Interest already paid$49,834Through Dec 2026
Assumption only · ends Mar 2050$90,614
Assumption + second · ends Mar 2050, second Jan 2057$277,751
New conventional · ends Jan 2057$434,089