Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,929/mo
Lowest payment- Down payment
- $105,614
- Funds due
- $117,332
- Interest + MI left
- $101,975
- First ends
- Aug 2050
Assumption
Assumption + second
$2,484/mo
+$555/mo- Down payment
- $36,614
- Funds due
- $49,616
- Interest + MI left
- $232,843
- First ends
- Aug 2050
New loan
New conventional
$2,982/mo
+$1,053/mo- Down payment
- $36,614
- Funds due
- $45,989
- Interest + MI left
- $490,372
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,386 | $254,386 | $323,386 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,250.39 | $1,250.39 | $2,239.06 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $64.68 |
| Taxes, insurance & HOA | $678.50 | $678.50 | $678.50 |
| Total housing payment | $1,928.89 | $2,484.08 | $2,982.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,614
Closing costs & prepaids$13,001
Usable credit−$0
Total buyer cash needed$49,616
Earnest money paid−$0
Remaining funds due$49,616
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,271.93
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)$508.50
Initial HOA (3 months)$1,077.00
Prepaid interest, first (2 days)$41.96
Prepaid interest, second (2 days)$34.03
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 9 moOf the original 30-year loan at 3.010%
Interest already paid$51,965Through Nov 2026
Assumption only · ends Aug 2050$101,975
Assumption + second · ends Aug 2050, second Dec 2056$232,843
New conventional · ends Dec 2056$490,372