Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,934/mo
Lowest payment- Down payment
- $152,287
- Funds due
- $165,325
- Interest + MI left
- $39,574
- First ends
- Oct 2038
Assumption
Assumption + second
$3,785/mo
+$851/mo- Down payment
- $36,287
- Funds due
- $50,600
- Interest + MI left
- $229,994
- First ends
- Oct 2038
New loan
New conventional
$3,510/mo
+$577/mo- Down payment
- $36,287
- Funds due
- $47,179
- Interest + MI left
- $490,781
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,613 | $207,613 | $323,613 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $2,240.63 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $64.72 |
| Taxes, insurance & HOA | $1,205.08 | $1,205.08 | $1,205.08 |
| Total housing payment | $2,933.66 | $3,784.83 | $3,510.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,287
Closing costs & prepaids$14,313
Usable credit−$0
Total buyer cash needed$50,600
Earnest money paid−$0
Remaining funds due$50,600
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,038.06
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)$1,860.25
Initial HOA (3 months)$1,305.00
Prepaid interest, first (1 days)$17.06
Prepaid interest, second (1 days)$25.42
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 closing11 yr 11 moOf the original 30-year loan at 3.000%
Interest already paid$172,714Through Nov 2026
Assumption only · ends Oct 2038$39,574
Assumption + second · ends Oct 2038, second Dec 2056$229,994
New conventional · ends Dec 2056$490,781