Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,044/mo
Lowest payment- Down payment
- $150,428
- Funds due
- $159,770
- Interest + MI left
- $68,432
- First ends
- May 2050
Assumption
Assumption + second
$1,924/mo
+$881/mo- Down payment
- $30,428
- Funds due
- $41,073
- Interest + MI left
- $265,419
- First ends
- May 2050
New loan
New conventional
$2,180/mo
+$1,137/mo- Down payment
- $30,428
- Funds due
- $38,020
- Interest + MI left
- $404,221
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,572 | $146,572 | $266,572 |
| Second mortgage | — | $120,000 | — |
| First P&I | $762.43 | $762.43 | $1,845.69 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | — | — | $53.31 |
| Taxes, insurance & HOA | $281.17 | $281.17 | $281.17 |
| Total housing payment | $1,043.59 | $1,924.11 | $2,180.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,428
Closing costs & prepaids$10,645
Usable credit−$0
Total buyer cash needed$41,073
Earnest money paid−$0
Remaining funds due$41,073
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,970.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$732.86
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)$168.50
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$28.03
Prepaid interest, second (2 days)$52.60
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 6 moOf the original 30-year loan at 3.490%
Interest already paid$36,041Through Nov 2026
Assumption only · ends May 2050$68,432
Assumption + second · ends May 2050, second Dec 2056$265,419
New conventional · ends Dec 2056$404,221