Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,305/mo
Lowest payment- Down payment
- $135,066
- Funds due
- $145,226
- Interest + MI left
- $71,199
- First ends
- Nov 2050
Assumption
Assumption + second
$2,061/mo
+$756/mo- Down payment
- $32,066
- Funds due
- $43,521
- Interest + MI left
- $240,279
- First ends
- Nov 2050
New loan
New conventional
$2,460/mo
+$1,155/mo- Down payment
- $32,066
- Funds due
- $40,285
- Interest + MI left
- $433,638
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,934 | $182,934 | $285,934 |
| Second mortgage | — | $103,000 | — |
| First P&I | $882.41 | $882.41 | $1,979.75 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $57.19 |
| Taxes, insurance & HOA | $422.75 | $422.75 | $422.75 |
| Total housing payment | $1,305.16 | $2,060.94 | $2,459.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,066
Closing costs & prepaids$11,455
Usable credit−$0
Total buyer cash needed$43,521
Earnest money paid−$0
Remaining funds due$43,521
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$914.67
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)$377.25
Initial HOA (3 months)$441.00
Prepaid interest, first (2 days)$29.07
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 closing24 yrOf the original 30-year loan at 2.900%
Interest already paid$34,468Through Nov 2026
Assumption only · ends Nov 2050$71,199
Assumption + second · ends Nov 2050, second Dec 2056$240,279
New conventional · ends Dec 2056$433,638