Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,361/mo
Lowest payment- Down payment
- $168,706
- Funds due
- $179,219
- Interest + MI left
- $91,256
- First ends
- Mar 2050
Assumption
Assumption + second
$2,337/mo
+$976/mo- Down payment
- $35,706
- Funds due
- $47,731
- Interest + MI left
- $309,583
- First ends
- Mar 2050
New loan
New conventional
$2,589/mo
+$1,229/mo- Down payment
- $35,706
- Funds due
- $44,536
- Interest + MI left
- $465,398
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,294 | $185,294 | $318,294 |
| Second mortgage | — | $133,000 | — |
| First P&I | $991.22 | $991.22 | $2,156.23 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $63.66 |
| Taxes, insurance & HOA | $369.58 | $369.58 | $369.58 |
| Total housing payment | $1,360.80 | $2,336.71 | $2,589.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,706
Closing costs & prepaids$12,025
Usable credit−$0
Total buyer cash needed$47,731
Earnest money paid−$0
Remaining funds due$47,731
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,540.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$926.47
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)$424.75
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$169.05
Prepaid interest, second (9 days)$262.36
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 3 moOf the original 30-year loan at 3.7%
Interest already paid$50,233Through Dec 2026
Assumption only · ends Mar 2050$91,256
Assumption + second · ends Mar 2050, second Jan 2057$309,583
New conventional · ends Jan 2057$465,398