Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,752/mo
Lowest payment- Down payment
- $170,016
- Funds due
- $181,638
- Interest + MI left
- $119,901
- First ends
- Jun 2050
Assumption
Assumption + second
$2,683/mo
+$932/mo- Down payment
- $43,016
- Funds due
- $55,944
- Interest + MI left
- $328,378
- First ends
- Jun 2050
New loan
New conventional
$3,148/mo
+$1,396/mo- Down payment
- $43,016
- Funds due
- $52,246
- Interest + MI left
- $579,228
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,984 | $254,984 | $381,984 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,324.68 | $1,324.68 | $2,644.78 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | — | — | $76.40 |
| Taxes, insurance & HOA | $426.92 | $426.92 | $426.92 |
| Total housing payment | $1,751.60 | $2,683.48 | $3,148.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,016
Closing costs & prepaids$12,928
Usable credit−$0
Total buyer cash needed$55,944
Earnest money paid−$0
Remaining funds due$55,944
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,274.92
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)$605.75
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$48.90
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 7 moOf the original 30-year loan at 3.500%
Interest already paid$61,985Through Nov 2026
Assumption only · ends Jun 2050$119,901
Assumption + second · ends Jun 2050, second Dec 2056$328,378
New conventional · ends Dec 2056$579,228