Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,728/mo
Lowest payment- Down payment
- $199,378
- Funds due
- $211,091
- Interest + MI left
- $125,302
- First ends
- Feb 2050
Assumption
Assumption + second
$2,858/mo
+$1,130/mo- Down payment
- $45,378
- Funds due
- $58,408
- Interest + MI left
- $378,101
- First ends
- Feb 2050
New loan
New conventional
$3,263/mo
+$1,535/mo- Down payment
- $45,378
- Funds due
- $54,704
- Interest + MI left
- $613,636
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,622 | $250,622 | $404,622 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,347.40 | $1,347.40 | $2,801.52 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $80.92 |
| Taxes, insurance & HOA | $380.17 | $380.17 | $380.17 |
| Total housing payment | $1,727.56 | $2,857.56 | $3,262.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,378
Closing costs & prepaids$13,031
Usable credit−$0
Total buyer cash needed$58,408
Earnest money paid−$0
Remaining funds due$58,408
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,253.11
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)$405.50
Initial HOA (3 months)$285.00
Prepaid interest, first (2 days)$51.50
Prepaid interest, second (2 days)$67.51
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 3 moOf the original 30-year loan at 3.750%
Interest already paid$68,819Through Nov 2026
Assumption only · ends Feb 2050$125,302
Assumption + second · ends Feb 2050, second Dec 2056$378,101
New conventional · ends Dec 2056$613,636