Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,302/mo
Lowest payment- Down payment
- $35,098
- Funds due
- $44,161
- Interest + MI left
- $68,139
- First ends
- Sep 2050
Assumption
Assumption + second
$1,557/mo
+$255/mo- Down payment
- $10,098
- Funds due
- $20,419
- Interest + MI left
- $134,849
- First ends
- Sep 2050
New loan
New conventional
$1,836/mo
+$534/mo- Down payment
- $10,098
- Funds due
- $17,472
- Interest + MI left
- $287,465
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,902 | $163,902 | $188,902 |
| Second mortgage | — | $25,000 | — |
| First P&I | $811.33 | $811.33 | $1,307.92 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $37.78 |
| Taxes, insurance & HOA | $490.50 | $490.50 | $490.50 |
| Total housing payment | $1,301.83 | $1,556.58 | $1,836.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,098
Closing costs & prepaids$10,321
Usable credit−$0
Total buyer cash needed$20,419
Earnest money paid−$0
Remaining funds due$20,419
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$819.51
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)$181.50
Initial HOA (3 months)$840.00
Prepaid interest, first (1 days)$13.92
Prepaid interest, second (1 days)$8.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 3.100%
Interest already paid$33,940Through Nov 2026
Assumption only · ends Sep 2050$68,139
Assumption + second · ends Sep 2050, second Dec 2056$134,849
New conventional · ends Dec 2056$287,465