Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,486/mo
Lowest payment- Down payment
- $123,032
- Funds due
- $133,340
- Interest + MI left
- $103,638
- First ends
- Apr 2050
Assumption
Assumption + second
$2,202/mo
+$716/mo- Down payment
- $34,032
- Funds due
- $45,634
- Interest + MI left
- $272,439
- First ends
- Apr 2050
New loan
New conventional
$2,507/mo
+$1,021/mo- Down payment
- $34,032
- Funds due
- $42,227
- Interest + MI left
- $456,378
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,968 | $211,968 | $300,968 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,123.15 | $1,123.15 | $2,083.84 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $60.19 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $1,485.82 | $2,201.94 | $2,506.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,032
Closing costs & prepaids$11,602
Usable credit−$0
Total buyer cash needed$45,634
Earnest money paid−$0
Remaining funds due$45,634
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,059.84
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)$413.00
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$42.39
Prepaid interest, second (2 days)$43.89
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 5 moOf the original 30-year loan at 3.650%
Interest already paid$55,177Through Nov 2026
Assumption only · ends Apr 2050$103,638
Assumption + second · ends Apr 2050, second Dec 2056$272,439
New conventional · ends Dec 2056$456,378