Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,565/mo
Lowest payment- Down payment
- $147,442
- Funds due
- $158,347
- Interest + MI left
- $108,461
- First ends
- Feb 2050
Assumption
Assumption + second
$2,372/mo
+$807/mo- Down payment
- $37,442
- Funds due
- $49,814
- Interest + MI left
- $289,031
- First ends
- Feb 2050
New loan
New conventional
$2,693/mo
+$1,128/mo- Down payment
- $37,442
- Funds due
- $46,453
- Interest + MI left
- $486,109
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,458 | $222,458 | $332,458 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,190.35 | $1,190.35 | $2,252.19 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | — | — | $66.49 |
| Taxes, insurance & HOA | $374.42 | $374.42 | $374.42 |
| Total housing payment | $1,564.77 | $2,371.91 | $2,693.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,442
Closing costs & prepaids$12,371
Usable credit−$0
Total buyer cash needed$49,814
Earnest money paid−$0
Remaining funds due$49,814
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,112.29
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)$444.00
Initial HOA (3 months)$229.26
Prepaid interest, first (9 days)$201.86
Prepaid interest, second (9 days)$216.99
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 2 moOf the original 30-year loan at 3.68%
Interest already paid$60,816Through Dec 2026
Assumption only · ends Feb 2050$108,461
Assumption + second · ends Feb 2050, second Jan 2057$289,031
New conventional · ends Jan 2057$486,109