Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,409/mo
Lowest payment- Down payment
- $114,831
- Funds due
- $125,013
- Interest + MI left
- $64,011
- First ends
- Oct 2050
Assumption
Assumption + second
$2,117/mo
+$708/mo- Down payment
- $26,831
- Funds due
- $38,307
- Interest + MI left
- $230,916
- First ends
- Oct 2050
New loan
New conventional
$2,359/mo
+$950/mo- Down payment
- $26,831
- Funds due
- $35,272
- Interest + MI left
- $361,137
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,159 | $150,159 | $238,159 |
| Second mortgage | — | $88,000 | — |
| First P&I | $746.24 | $746.24 | $1,648.96 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $47.63 |
| Taxes, insurance & HOA | $662.58 | $662.58 | $662.58 |
| Total housing payment | $1,408.82 | $2,116.89 | $2,359.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,831
Closing costs & prepaids$11,476
Usable credit−$0
Total buyer cash needed$38,307
Earnest money paid−$0
Remaining funds due$38,307
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,649.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$750.80
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)$217.75
Initial HOA (3 months)$1,320.00
Prepaid interest, first (2 days)$26.00
Prepaid interest, second (2 days)$43.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.160%
Interest already paid$31,204Through Nov 2026
Assumption only · ends Oct 2050$64,011
Assumption + second · ends Oct 2050, second Dec 2056$230,916
New conventional · ends Dec 2056$361,137