Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,152/mo
Lowest payment- Down payment
- $219,442
- Funds due
- $232,913
- Interest + MI left
- $143,140
- First ends
- May 2050
Assumption
Assumption + second
$3,370/mo
+$1,218/mo- Down payment
- $53,442
- Funds due
- $68,199
- Interest + MI left
- $415,638
- First ends
- May 2050
New loan
New conventional
$3,931/mo
+$1,779/mo- Down payment
- $53,442
- Funds due
- $64,109
- Interest + MI left
- $719,604
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,558 | $308,558 | $474,558 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,601.77 | $1,601.77 | $3,285.74 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $94.91 |
| Taxes, insurance & HOA | $550.00 | $550.00 | $550.00 |
| Total housing payment | $2,151.77 | $3,369.81 | $3,930.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,442
Closing costs & prepaids$14,757
Usable credit−$0
Total buyer cash needed$68,199
Earnest money paid−$0
Remaining funds due$68,199
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,280.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,542.79
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$964.00
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$29.33
Prepaid interest, second (1 days)$36.38
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 6 moOf the original 30-year loan at 3.470%
Interest already paid$75,456Through Nov 2026
Assumption only · ends May 2050$143,140
Assumption + second · ends May 2050, second Dec 2056$415,638
New conventional · ends Dec 2056$719,604