Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,464/mo
Lowest payment- Down payment
- $141,464
- Funds due
- $152,289
- Interest + MI left
- $81,695
- First ends
- Dec 2050
Assumption
Assumption + second
$2,242/mo
+$778/mo- Down payment
- $35,464
- Funds due
- $47,748
- Interest + MI left
- $255,700
- First ends
- Dec 2050
New loan
New conventional
$2,646/mo
+$1,182/mo- Down payment
- $35,464
- Funds due
- $44,508
- Interest + MI left
- $458,379
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,536 | $207,536 | $313,536 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,004.27 | $1,004.27 | $2,124.00 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $62.71 |
| Taxes, insurance & HOA | $459.58 | $459.58 | $459.58 |
| Total housing payment | $1,463.86 | $2,241.65 | $2,646.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,464
Closing costs & prepaids$12,283
Usable credit−$0
Total buyer cash needed$47,748
Earnest money paid−$0
Remaining funds due$47,748
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,037.68
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)$418.75
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$149.94
Prepaid interest, second (9 days)$209.10
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 closing24 yrOf the original 30-year loan at 2.93%
Interest already paid$39,494Through Dec 2026
Assumption only · ends Dec 2050$81,695
Assumption + second · ends Dec 2050, second Jan 2057$255,700
New conventional · ends Jan 2057$458,379