Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,758/mo
Lowest payment- Down payment
- $180,663
- Funds due
- $192,479
- Interest + MI left
- $119,503
- First ends
- Aug 2050
Assumption
Assumption + second
$2,749/mo
+$991/mo- Down payment
- $45,663
- Funds due
- $58,759
- Interest + MI left
- $341,113
- First ends
- Aug 2050
New loan
New conventional
$3,271/mo
+$1,512/mo- Down payment
- $45,663
- Funds due
- $54,945
- Interest + MI left
- $611,607
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,337 | $268,337 | $403,337 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,360.84 | $1,360.84 | $2,792.62 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | — | — | $80.67 |
| Taxes, insurance & HOA | $397.25 | $397.25 | $397.25 |
| Total housing payment | $1,758.09 | $2,748.67 | $3,270.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,663
Closing costs & prepaids$13,095
Usable credit−$0
Total buyer cash needed$58,759
Earnest money paid−$0
Remaining funds due$58,759
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,341.68
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)$447.75
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$24.33
Prepaid interest, second (1 days)$29.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 3.310%
Interest already paid$60,064Through Nov 2026
Assumption only · ends Aug 2050$119,503
Assumption + second · ends Aug 2050, second Dec 2056$341,113
New conventional · ends Dec 2056$611,607