Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,588/mo
Lowest payment- Down payment
- $166,620
- Funds due
- $177,754
- Interest + MI left
- $106,096
- First ends
- Jul 2050
Assumption
Assumption + second
$2,520/mo
+$932/mo- Down payment
- $39,620
- Funds due
- $52,060
- Interest + MI left
- $314,573
- First ends
- Jul 2050
New loan
New conventional
$2,942/mo
+$1,354/mo- Down payment
- $39,620
- Funds due
- $48,524
- Interest + MI left
- $538,958
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,380 | $228,380 | $355,380 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,177.73 | $1,177.73 | $2,460.58 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | — | — | $71.08 |
| Taxes, insurance & HOA | $410.42 | $410.42 | $410.42 |
| Total housing payment | $1,588.15 | $2,520.03 | $2,942.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,620
Closing costs & prepaids$12,440
Usable credit−$0
Total buyer cash needed$52,060
Earnest money paid−$0
Remaining funds due$52,060
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,141.90
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)$542.25
Initial HOA (3 months)$239.01
Prepaid interest, first (2 days)$43.17
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 8 moOf the original 30-year loan at 3.450%
Interest already paid$53,975Through Nov 2026
Assumption only · ends Jul 2050$106,096
Assumption + second · ends Jul 2050, second Dec 2056$314,573
New conventional · ends Dec 2056$538,958