Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,228/mo
Lowest payment- Down payment
- $144,110
- Funds due
- $153,974
- Interest + MI left
- $75,200
- First ends
- Jan 2050
Assumption
Assumption + second
$2,065/mo
+$836/mo- Down payment
- $30,110
- Funds due
- $41,449
- Interest + MI left
- $262,337
- First ends
- Jan 2050
New loan
New conventional
$2,271/mo
+$1,043/mo- Down payment
- $30,110
- Funds due
- $38,442
- Interest + MI left
- $392,431
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,390 | $154,390 | $268,390 |
| Second mortgage | — | $114,000 | — |
| First P&I | $828.84 | $828.84 | $1,818.17 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | — | — | $53.68 |
| Taxes, insurance & HOA | $399.42 | $399.42 | $399.42 |
| Total housing payment | $1,228.26 | $2,064.75 | $2,271.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,110
Closing costs & prepaids$11,339
Usable credit−$0
Total buyer cash needed$41,449
Earnest money paid−$0
Remaining funds due$41,449
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,985.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$771.95
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)$358.25
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$140.47
Prepaid interest, second (9 days)$224.88
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 1 moOf the original 30-year loan at 3.69%
Interest already paid$42,890Through Dec 2026
Assumption only · ends Jan 2050$75,200
Assumption + second · ends Jan 2050, second Jan 2057$262,337
New conventional · ends Jan 2057$392,431