Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,307/mo
Lowest payment- Down payment
- $135,506
- Funds due
- $145,770
- Interest + MI left
- $70,757
- First ends
- Nov 2050
Assumption
Assumption + second
$2,062/mo
+$756/mo- Down payment
- $32,506
- Funds due
- $44,223
- Interest + MI left
- $239,837
- First ends
- Nov 2050
New loan
New conventional
$2,415/mo
+$1,109/mo- Down payment
- $32,506
- Funds due
- $41,114
- Interest + MI left
- $417,382
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,494 | $182,494 | $285,494 |
| Second mortgage | — | $103,000 | — |
| First P&I | $882.41 | $882.41 | $1,934.04 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $57.10 |
| Taxes, insurance & HOA | $424.17 | $424.17 | $424.17 |
| Total housing payment | $1,306.57 | $2,062.35 | $2,415.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,506
Closing costs & prepaids$11,717
Usable credit−$0
Total buyer cash needed$44,223
Earnest money paid−$0
Remaining funds due$44,223
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$912.47
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)$381.50
Initial HOA (3 months)$441.00
Prepaid interest, first (9 days)$130.50
Prepaid interest, second (9 days)$203.18
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 11 moOf the original 30-year loan at 2.9%
Interest already paid$34,910Through Dec 2026
Assumption only · ends Nov 2050$70,757
Assumption + second · ends Nov 2050, second Jan 2057$239,837
New conventional · ends Jan 2057$417,382