Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,483/mo
Lowest payment- Down payment
- $99,891
- Funds due
- $110,091
- Interest + MI left
- $78,159
- First ends
- Jul 2050
Assumption
Assumption + second
$2,063/mo
+$579/mo- Down payment
- $27,891
- Funds due
- $39,376
- Interest + MI left
- $214,717
- First ends
- Jul 2050
New loan
New conventional
$2,352/mo
+$868/mo- Down payment
- $27,891
- Funds due
- $36,212
- Interest + MI left
- $374,556
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,009 | $175,009 | $247,009 |
| Second mortgage | — | $72,000 | — |
| First P&I | $891.43 | $891.43 | $1,710.24 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | — | — | $49.40 |
| Taxes, insurance & HOA | $591.92 | $591.92 | $591.92 |
| Total housing payment | $1,483.35 | $2,062.68 | $2,351.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,891
Closing costs & prepaids$11,485
Usable credit−$0
Total buyer cash needed$39,376
Earnest money paid−$0
Remaining funds due$39,376
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$875.04
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)$791.75
Initial HOA (3 months)$534.00
Prepaid interest, first (2 days)$31.93
Prepaid interest, second (2 days)$35.51
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 8 moOf the original 30-year loan at 3.330%
Interest already paid$39,979Through Nov 2026
Assumption only · ends Jul 2050$78,159
Assumption + second · ends Jul 2050, second Dec 2056$214,717
New conventional · ends Dec 2056$374,556