Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,018/mo
Lowest payment- Down payment
- $244,936
- Funds due
- $258,419
- Interest + MI left
- $128,407
- First ends
- May 2050
Assumption
Assumption + second
$3,434/mo
+$1,416/mo- Down payment
- $51,936
- Funds due
- $67,050
- Interest + MI left
- $445,227
- First ends
- May 2050
New loan
New conventional
$3,812/mo
+$1,794/mo- Down payment
- $51,936
- Funds due
- $63,356
- Interest + MI left
- $669,674
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,064 | $265,064 | $458,064 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,400.25 | $1,400.25 | $3,103.09 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $91.61 |
| Taxes, insurance & HOA | $617.67 | $617.67 | $617.67 |
| Total housing payment | $2,017.92 | $3,434.09 | $3,812.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,936
Closing costs & prepaids$15,114
Usable credit−$0
Total buyer cash needed$67,050
Earnest money paid−$0
Remaining funds due$67,050
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,325.32
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)$612.00
Initial HOA (3 months)$741.00
Prepaid interest, first (9 days)$236.60
Prepaid interest, second (9 days)$380.71
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 3.62%
Interest already paid$68,456Through Dec 2026
Assumption only · ends May 2050$128,407
Assumption + second · ends May 2050, second Jan 2057$445,227
New conventional · ends Jan 2057$669,674