Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,328/mo
Lowest payment- Down payment
- $83,484
- Funds due
- $92,965
- Interest + MI left
- $78,245
- First ends
- Apr 2050
Assumption
Assumption + second
$1,795/mo
+$467/mo- Down payment
- $25,484
- Funds due
- $36,244
- Interest + MI left
- $188,250
- First ends
- Apr 2050
New loan
New conventional
$2,038/mo
+$711/mo- Down payment
- $25,484
- Funds due
- $33,167
- Interest + MI left
- $332,823
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,516 | $161,516 | $219,516 |
| Second mortgage | — | $58,000 | — |
| First P&I | $853.24 | $853.24 | $1,519.88 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | — | — | $43.90 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $1,327.91 | $1,794.59 | $2,038.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,484
Closing costs & prepaids$10,760
Usable credit−$0
Total buyer cash needed$36,244
Earnest money paid−$0
Remaining funds due$36,244
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$807.58
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)$185.00
Initial HOA (3 months)$789.00
Prepaid interest, first (2 days)$32.04
Prepaid interest, second (2 days)$28.60
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 5 moOf the original 30-year loan at 3.620%
Interest already paid$41,714Through Nov 2026
Assumption only · ends Apr 2050$78,245
Assumption + second · ends Apr 2050, second Dec 2056$188,250
New conventional · ends Dec 2056$332,823