Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,552/mo
Lowest payment- Down payment
- $167,707
- Funds due
- $178,940
- Interest + MI left
- $78,434
- First ends
- Oct 2050
Assumption
Assumption + second
$2,506/mo
+$954/mo- Down payment
- $37,707
- Funds due
- $50,247
- Interest + MI left
- $291,835
- First ends
- Oct 2050
New loan
New conventional
$2,941/mo
+$1,389/mo- Down payment
- $37,707
- Funds due
- $46,861
- Interest + MI left
- $503,878
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,293 | $202,293 | $332,293 |
| Second mortgage | — | $130,000 | — |
| First P&I | $978.14 | $978.14 | $2,300.73 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $66.46 |
| Taxes, insurance & HOA | $573.84 | $573.84 | $573.84 |
| Total housing payment | $1,551.98 | $2,505.87 | $2,941.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,707
Closing costs & prepaids$12,540
Usable credit−$0
Total buyer cash needed$50,247
Earnest money paid−$0
Remaining funds due$50,247
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,011.46
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)$747.50
Initial HOA (3 months)$524.01
Prepaid interest, first (2 days)$32.15
Prepaid interest, second (2 days)$56.99
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 2.900%
Interest already paid$38,697Through Nov 2026
Assumption only · ends Oct 2050$78,434
Assumption + second · ends Oct 2050, second Dec 2056$291,835
New conventional · ends Dec 2056$503,878