Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,943/mo
Lowest payment- Down payment
- $105,615
- Funds due
- $117,272
- Interest + MI left
- $125,786
- First ends
- Jul 2050
Assumption
Assumption + second
$2,466/mo
+$523/mo- Down payment
- $40,615
- Funds due
- $53,538
- Interest + MI left
- $249,067
- First ends
- Jul 2050
New loan
New conventional
$3,024/mo
+$1,081/mo- Down payment
- $40,615
- Funds due
- $49,648
- Interest + MI left
- $544,960
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,385 | $294,385 | $359,385 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,479.47 | $1,479.47 | $2,488.31 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $71.88 |
| Taxes, insurance & HOA | $463.75 | $463.75 | $463.75 |
| Total housing payment | $1,943.22 | $2,466.23 | $3,023.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,615
Closing costs & prepaids$12,923
Usable credit−$0
Total buyer cash needed$53,538
Earnest money paid−$0
Remaining funds due$53,538
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,471.92
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)$842.25
Initial HOA (3 months)$99.00
Prepaid interest, first (1 days)$25.81
Prepaid interest, second (1 days)$16.03
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 8 moOf the original 30-year loan at 3.200%
Interest already paid$64,724Through Nov 2026
Assumption only · ends Jul 2050$125,786
Assumption + second · ends Jul 2050, second Dec 2056$249,067
New conventional · ends Dec 2056$544,960