Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$716/mo
Lowest payment- Down payment
- $140,820
- Funds due
- $149,189
- Interest + MI left
- $30,700
- First ends
- Oct 2050
Assumption
Assumption + second
$1,582/mo
+$866/mo- Down payment
- $22,820
- Funds due
- $32,465
- Interest + MI left
- $224,403
- First ends
- Oct 2050
New loan
New conventional
$1,738/mo
+$1,022/mo- Down payment
- $22,820
- Funds due
- $29,806
- Interest + MI left
- $298,958
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,180 | $79,180 | $197,180 |
| Second mortgage | — | $118,000 | — |
| First P&I | $382.86 | $382.86 | $1,365.23 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $39.44 |
| Taxes, insurance & HOA | $333.08 | $333.08 | $333.08 |
| Total housing payment | $715.94 | $1,581.78 | $1,737.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,820
Closing costs & prepaids$9,645
Usable credit−$0
Total buyer cash needed$32,465
Earnest money paid−$0
Remaining funds due$32,465
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$395.90
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)$99.25
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$6.29
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 11 moOf the original 30-year loan at 2.900%
Interest already paid$15,147Through Nov 2026
Assumption only · ends Oct 2050$30,700
Assumption + second · ends Oct 2050, second Dec 2056$224,403
New conventional · ends Dec 2056$298,958