Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,750/mo
Lowest payment- Down payment
- $189,815
- Funds due
- $205,120
- Interest + MI left
- $166,510
- First ends
- Oct 2050
Assumption
Assumption + second
$3,697/mo
+$947/mo- Down payment
- $60,815
- Funds due
- $77,426
- Interest + MI left
- $378,270
- First ends
- Oct 2050
New loan
New conventional
$4,578/mo
+$1,828/mo- Down payment
- $60,815
- Funds due
- $72,823
- Interest + MI left
- $816,086
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,185 | $409,185 | $538,185 |
| Second mortgage | — | $129,000 | — |
| First P&I | $2,005.90 | $2,005.90 | $3,726.28 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | — | — | $107.64 |
| Taxes, insurance & HOA | $744.17 | $744.17 | $744.17 |
| Total housing payment | $2,750.07 | $3,696.63 | $4,578.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,815
Closing costs & prepaids$16,611
Usable credit−$0
Total buyer cash needed$77,426
Earnest money paid−$0
Remaining funds due$77,426
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,045.92
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,384.50
Initial HOA (3 months)$348.00
Prepaid interest, first (2 days)$67.94
Prepaid interest, second (2 days)$56.55
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 11 moOf the original 30-year loan at 3.030%
Interest already paid$81,657Through Nov 2026
Assumption only · ends Oct 2050$166,510
Assumption + second · ends Oct 2050, second Dec 2056$378,270
New conventional · ends Dec 2056$816,086