Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,585/mo
Lowest payment- Down payment
- $124,971
- Funds due
- $135,775
- Interest + MI left
- $110,091
- First ends
- Sep 2050
Assumption
Assumption + second
$2,285/mo
+$700/mo- Down payment
- $37,971
- Funds due
- $50,068
- Interest + MI left
- $275,099
- First ends
- Sep 2050
New loan
New conventional
$2,738/mo
+$1,153/mo- Down payment
- $37,971
- Funds due
- $46,430
- Interest + MI left
- $515,677
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,029 | $253,029 | $340,029 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,269.65 | $1,269.65 | $2,354.29 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $68.01 |
| Taxes, insurance & HOA | $315.42 | $315.42 | $315.42 |
| Total housing payment | $1,585.07 | $2,285.09 | $2,737.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,971
Closing costs & prepaids$12,097
Usable credit−$0
Total buyer cash needed$50,068
Earnest money paid−$0
Remaining funds due$50,068
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,780.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,265.15
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)$454.25
Initial HOA (3 months)$42.00
Prepaid interest, first (2 days)$44.78
Prepaid interest, second (2 days)$42.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.230%
Interest already paid$54,511Through Nov 2026
Assumption only · ends Sep 2050$110,091
Assumption + second · ends Sep 2050, second Dec 2056$275,099
New conventional · ends Dec 2056$515,677