Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,437/mo
Lowest payment- Down payment
- $145,855
- Funds due
- $156,329
- Interest + MI left
- $94,003
- First ends
- Jun 2050
Assumption
Assumption + second
$2,244/mo
+$807/mo- Down payment
- $35,855
- Funds due
- $47,627
- Interest + MI left
- $274,574
- First ends
- Jun 2050
New loan
New conventional
$2,618/mo
+$1,181/mo- Down payment
- $35,855
- Funds due
- $44,250
- Interest + MI left
- $474,780
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,145 | $203,145 | $313,145 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,049.99 | $1,049.99 | $2,168.15 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | — | — | $62.63 |
| Taxes, insurance & HOA | $387.17 | $387.17 | $387.17 |
| Total housing payment | $1,437.16 | $2,244.30 | $2,617.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,855
Closing costs & prepaids$11,772
Usable credit−$0
Total buyer cash needed$47,627
Earnest money paid−$0
Remaining funds due$47,627
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,015.72
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)$531.50
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$38.40
Prepaid interest, second (2 days)$48.22
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 7 moOf the original 30-year loan at 3.450%
Interest already paid$48,706Through Nov 2026
Assumption only · ends Jun 2050$94,003
Assumption + second · ends Jun 2050, second Dec 2056$274,574
New conventional · ends Dec 2056$474,780