Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,917/mo
Lowest payment- Down payment
- $173,451
- Funds due
- $185,974
- Interest + MI left
- $128,894
- First ends
- May 2050
Assumption
Assumption + second
$2,856/mo
+$939/mo- Down payment
- $45,451
- Funds due
- $59,476
- Interest + MI left
- $339,013
- First ends
- May 2050
New loan
New conventional
$3,304/mo
+$1,387/mo- Down payment
- $45,451
- Funds due
- $55,813
- Interest + MI left
- $595,027
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,949 | $278,949 | $406,949 |
| Second mortgage | — | $128,000 | — |
| First P&I | $1,451.40 | $1,451.40 | $2,756.81 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | — | — | $81.39 |
| Taxes, insurance & HOA | $465.67 | $465.67 | $465.67 |
| Total housing payment | $1,917.07 | $2,856.28 | $3,303.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,451
Closing costs & prepaids$14,025
Usable credit−$0
Total buyer cash needed$59,476
Earnest money paid−$0
Remaining funds due$59,476
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,524.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,394.74
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$543.00
Initial HOA (3 months)$354.00
Prepaid interest, first (9 days)$238.67
Prepaid interest, second (9 days)$252.49
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$69,181Through Dec 2026
Assumption only · ends May 2050$128,894
Assumption + second · ends May 2050, second Jan 2057$339,013
New conventional · ends Jan 2057$595,027