Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,923/mo
Lowest payment- Down payment
- $172,808
- Funds due
- $185,165
- Interest + MI left
- $129,703
- First ends
- May 2050
Assumption
Assumption + second
$2,855/mo
+$932/mo- Down payment
- $45,808
- Funds due
- $59,471
- Interest + MI left
- $338,180
- First ends
- May 2050
New loan
New conventional
$3,368/mo
+$1,445/mo- Down payment
- $45,808
- Funds due
- $55,628
- Interest + MI left
- $616,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,592 | $279,592 | $406,592 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,451.40 | $1,451.40 | $2,815.16 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | — | — | $81.32 |
| Taxes, insurance & HOA | $471.25 | $471.25 | $471.25 |
| Total housing payment | $1,922.65 | $2,854.53 | $3,367.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,808
Closing costs & prepaids$13,663
Usable credit−$0
Total buyer cash needed$59,471
Earnest money paid−$0
Remaining funds due$59,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,524.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,397.96
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$559.75
Initial HOA (3 months)$354.00
Prepaid interest, first (2 days)$53.16
Prepaid interest, second (2 days)$55.67
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 6 moOf the original 30-year loan at 3.470%
Interest already paid$68,373Through Nov 2026
Assumption only · ends May 2050$129,703
Assumption + second · ends May 2050, second Dec 2056$338,180
New conventional · ends Dec 2056$616,543