Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,460/mo
Lowest payment- Down payment
- $137,293
- Funds due
- $147,794
- Interest + MI left
- $87,849
- First ends
- Jul 2050
Assumption
Assumption + second
$2,216/mo
+$756/mo- Down payment
- $34,293
- Funds due
- $46,089
- Interest + MI left
- $256,929
- First ends
- Jul 2050
New loan
New conventional
$2,593/mo
+$1,133/mo- Down payment
- $34,293
- Funds due
- $42,760
- Interest + MI left
- $454,406
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,707 | $196,707 | $299,707 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,001.96 | $1,001.96 | $2,075.11 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $59.94 |
| Taxes, insurance & HOA | $457.84 | $457.84 | $457.84 |
| Total housing payment | $1,459.79 | $2,215.57 | $2,592.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,293
Closing costs & prepaids$11,796
Usable credit−$0
Total buyer cash needed$46,089
Earnest money paid−$0
Remaining funds due$46,089
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$983.53
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)$837.50
Initial HOA (3 months)$86.01
Prepaid interest, first (2 days)$35.89
Prepaid interest, second (2 days)$45.15
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$44,936Through Nov 2026
Assumption only · ends Jul 2050$87,849
Assumption + second · ends Jul 2050, second Dec 2056$256,929
New conventional · ends Dec 2056$454,406