Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,431/mo
Lowest payment- Down payment
- $238,944
- Funds due
- $250,444
- Interest + MI left
- $80,124
- First ends
- Oct 2050
Assumption
Assumption + second
$2,869/mo
+$1,438/mo- Down payment
- $42,944
- Funds due
- $55,779
- Interest + MI left
- $401,868
- First ends
- Oct 2050
New loan
New conventional
$3,232/mo
+$1,801/mo- Down payment
- $42,944
- Funds due
- $52,404
- Interest + MI left
- $582,295
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,956 | $187,956 | $383,956 |
| Second mortgage | — | $196,000 | — |
| First P&I | $934.07 | $934.07 | $2,658.43 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $76.79 |
| Taxes, insurance & HOA | $496.58 | $496.58 | $496.58 |
| Total housing payment | $1,430.66 | $2,868.84 | $3,231.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,944
Closing costs & prepaids$12,835
Usable credit−$0
Total buyer cash needed$55,779
Earnest money paid−$0
Remaining funds due$55,779
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,269.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$939.78
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)$712.75
Initial HOA (3 months)$327.00
Prepaid interest, first (2 days)$32.54
Prepaid interest, second (2 days)$85.92
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 11 moOf the original 30-year loan at 3.160%
Interest already paid$39,059Through Nov 2026
Assumption only · ends Oct 2050$80,124
Assumption + second · ends Oct 2050, second Dec 2056$401,868
New conventional · ends Dec 2056$582,295