Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,514/mo
Lowest payment- Down payment
- $147,403
- Funds due
- $158,159
- Interest + MI left
- $90,126
- First ends
- Jun 2050
Assumption
Assumption + second
$2,335/mo
+$822/mo- Down payment
- $35,403
- Funds due
- $47,458
- Interest + MI left
- $273,980
- First ends
- Jun 2050
New loan
New conventional
$2,720/mo
+$1,207/mo- Down payment
- $35,403
- Funds due
- $44,089
- Interest + MI left
- $477,045
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,597 | $202,597 | $314,597 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,034.36 | $1,034.36 | $2,178.21 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | — | — | $62.92 |
| Taxes, insurance & HOA | $479.17 | $479.17 | $479.17 |
| Total housing payment | $1,513.52 | $2,335.34 | $2,720.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,403
Closing costs & prepaids$12,055
Usable credit−$0
Total buyer cash needed$47,458
Earnest money paid−$0
Remaining funds due$47,458
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,012.98
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)$855.50
Initial HOA (3 months)$132.00
Prepaid interest, first (2 days)$36.97
Prepaid interest, second (2 days)$49.10
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 7 moOf the original 30-year loan at 3.330%
Interest already paid$46,952Through Nov 2026
Assumption only · ends Jun 2050$90,126
Assumption + second · ends Jun 2050, second Dec 2056$273,980
New conventional · ends Dec 2056$477,045