Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,628/mo
Lowest payment- Down payment
- $102,867
- Funds due
- $113,577
- Interest + MI left
- $106,370
- First ends
- Aug 2050
Assumption
Assumption + second
$2,167/mo
+$539/mo- Down payment
- $35,867
- Funds due
- $47,860
- Interest + MI left
- $233,445
- First ends
- Aug 2050
New loan
New conventional
$2,625/mo
+$997/mo- Down payment
- $35,867
- Funds due
- $44,274
- Interest + MI left
- $476,326
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,123 | $247,123 | $314,123 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,240.33 | $1,240.33 | $2,174.92 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $62.82 |
| Taxes, insurance & HOA | $387.75 | $387.75 | $387.75 |
| Total housing payment | $1,628.08 | $2,167.17 | $2,625.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,867
Closing costs & prepaids$11,993
Usable credit−$0
Total buyer cash needed$47,860
Earnest money paid−$0
Remaining funds due$47,860
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,235.61
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)$437.25
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$43.47
Prepaid interest, second (2 days)$33.04
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 3.210%
Interest already paid$53,707Through Nov 2026
Assumption only · ends Aug 2050$106,370
Assumption + second · ends Aug 2050, second Dec 2056$233,445
New conventional · ends Dec 2056$476,326