Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,893/mo
Lowest payment- Down payment
- $132,171
- Funds due
- $143,873
- Interest + MI left
- $95,014
- First ends
- Jun 2050
Assumption
Assumption + second
$2,681/mo
+$789/mo- Down payment
- $34,171
- Funds due
- $47,171
- Interest + MI left
- $280,885
- First ends
- Jun 2050
New loan
New conventional
$2,992/mo
+$1,100/mo- Down payment
- $34,171
- Funds due
- $43,796
- Interest + MI left
- $459,958
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,329 | $205,329 | $303,329 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,061.28 | $1,061.28 | $2,100.19 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $60.67 |
| Taxes, insurance & HOA | $831.25 | $831.25 | $831.25 |
| Total housing payment | $1,892.53 | $2,681.06 | $2,992.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,171
Closing costs & prepaids$13,001
Usable credit−$0
Total buyer cash needed$47,171
Earnest money paid−$0
Remaining funds due$47,171
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,375.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,026.65
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)$843.75
Initial HOA (3 months)$1,200.00
Prepaid interest, first (2 days)$38.82
Prepaid interest, second (2 days)$48.33
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 7 moOf the original 30-year loan at 3.450%
Interest already paid$49,230Through Nov 2026
Assumption only · ends Jun 2050$95,014
Assumption + second · ends Jun 2050, second Dec 2056$280,885
New conventional · ends Dec 2056$459,958