Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,496/mo
Lowest payment- Down payment
- $187,846
- Funds due
- $198,805
- Interest + MI left
- $89,075
- First ends
- Jan 2050
Assumption
Assumption + second
$2,597/mo
+$1,101/mo- Down payment
- $37,846
- Funds due
- $50,088
- Interest + MI left
- $335,308
- First ends
- Jan 2050
New loan
New conventional
$2,887/mo
+$1,391/mo- Down payment
- $37,846
- Funds due
- $46,771
- Interest + MI left
- $503,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,144 | $182,144 | $332,144 |
| Second mortgage | — | $150,000 | — |
| First P&I | $975.61 | $975.61 | $2,299.70 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | — | — | $66.43 |
| Taxes, insurance & HOA | $520.42 | $520.42 | $520.42 |
| Total housing payment | $1,496.02 | $2,596.67 | $2,886.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,846
Closing costs & prepaids$12,241
Usable credit−$0
Total buyer cash needed$50,088
Earnest money paid−$0
Remaining funds due$50,088
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$910.72
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)$601.25
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$18.41
Prepaid interest, second (1 days)$32.88
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 2 moOf the original 30-year loan at 3.690%
Interest already paid$49,924Through Nov 2026
Assumption only · ends Jan 2050$89,075
Assumption + second · ends Jan 2050, second Dec 2056$335,308
New conventional · ends Dec 2056$503,652