Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,640/mo
Lowest payment- Down payment
- $158,642
- Funds due
- $169,897
- Interest + MI left
- $103,967
- First ends
- Jul 2050
Assumption
Assumption + second
$2,506/mo
+$866/mo- Down payment
- $40,642
- Funds due
- $53,173
- Interest + MI left
- $297,670
- First ends
- Jul 2050
New loan
New conventional
$2,973/mo
+$1,333/mo- Down payment
- $40,642
- Funds due
- $49,557
- Interest + MI left
- $540,370
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,358 | $238,358 | $356,358 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,205.37 | $1,205.37 | $2,467.35 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $71.27 |
| Taxes, insurance & HOA | $434.58 | $434.58 | $434.58 |
| Total housing payment | $1,639.95 | $2,505.79 | $2,973.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,642
Closing costs & prepaids$12,531
Usable credit−$0
Total buyer cash needed$53,173
Earnest money paid−$0
Remaining funds due$53,173
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,970.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,191.79
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)$268.75
Initial HOA (3 months)$585.00
Prepaid interest, first (1 days)$21.29
Prepaid interest, second (1 days)$25.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.260%
Interest already paid$53,350Through Nov 2026
Assumption only · ends Jul 2050$103,967
Assumption + second · ends Jul 2050, second Dec 2056$297,670
New conventional · ends Dec 2056$540,370