Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,707/mo
Lowest payment- Down payment
- $137,367
- Funds due
- $148,898
- Interest + MI left
- $106,075
- First ends
- Oct 2050
Assumption
Assumption + second
$2,488/mo
+$780/mo- Down payment
- $40,367
- Funds due
- $53,363
- Interest + MI left
- $290,049
- First ends
- Oct 2050
New loan
New conventional
$2,926/mo
+$1,219/mo- Down payment
- $40,367
- Funds due
- $49,829
- Interest + MI left
- $525,841
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,632 | $262,632 | $359,632 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,289.18 | $1,289.18 | $2,436.27 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $71.93 |
| Taxes, insurance & HOA | $418.00 | $418.00 | $418.00 |
| Total housing payment | $1,707.18 | $2,487.67 | $2,926.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,367
Closing costs & prepaids$12,996
Usable credit−$0
Total buyer cash needed$53,363
Earnest money paid−$0
Remaining funds due$53,363
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,313.16
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)$480.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$195.57
Prepaid interest, second (9 days)$215.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 3.02%
Interest already paid$53,032Through Dec 2026
Assumption only · ends Oct 2050$106,075
Assumption + second · ends Oct 2050, second Jan 2057$290,049
New conventional · ends Jan 2057$525,841