Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,421/mo
Lowest payment- Down payment
- $151,483
- Funds due
- $162,049
- Interest + MI left
- $37,999
- First ends
- Oct 2050
Assumption
Assumption + second
$2,353/mo
+$932/mo- Down payment
- $24,483
- Funds due
- $36,355
- Interest + MI left
- $246,476
- First ends
- Oct 2050
New loan
New conventional
$2,515/mo
+$1,094/mo- Down payment
- $24,483
- Funds due
- $33,641
- Interest + MI left
- $326,803
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,517 | $88,517 | $215,517 |
| Second mortgage | — | $127,000 | — |
| First P&I | $440.82 | $440.82 | $1,492.20 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | — | — | $43.10 |
| Taxes, insurance & HOA | $980.00 | $980.00 | $980.00 |
| Total housing payment | $1,420.82 | $2,352.70 | $2,515.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,483
Closing costs & prepaids$11,872
Usable credit−$0
Total buyer cash needed$36,355
Earnest money paid−$0
Remaining funds due$36,355
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$442.58
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)$600.00
Initial HOA (3 months)$1,890.00
Prepaid interest, first (2 days)$15.42
Prepaid interest, second (2 days)$55.67
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 3.180%
Interest already paid$18,507Through Nov 2026
Assumption only · ends Oct 2050$37,999
Assumption + second · ends Oct 2050, second Dec 2056$246,476
New conventional · ends Dec 2056$326,803