Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,450/mo
Lowest payment- Down payment
- $112,160
- Funds due
- $125,260
- Interest + MI left
- $131,690
- First ends
- Apr 2050
Assumption
Assumption + second
$3,029/mo
+$579/mo- Down payment
- $40,160
- Funds due
- $54,528
- Interest + MI left
- $268,248
- First ends
- Apr 2050
New loan
New conventional
$3,517/mo
+$1,067/mo- Down payment
- $40,160
- Funds due
- $50,677
- Interest + MI left
- $544,205
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,840 | $286,840 | $358,840 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,489.43 | $1,489.43 | $2,484.54 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | — | — | $71.77 |
| Taxes, insurance & HOA | $960.33 | $960.33 | $960.33 |
| Total housing payment | $2,449.77 | $3,029.09 | $3,516.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,160
Closing costs & prepaids$14,368
Usable credit−$0
Total buyer cash needed$54,528
Earnest money paid−$0
Remaining funds due$54,528
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,434.20
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)$1,099.00
Initial HOA (3 months)$1,332.00
Prepaid interest, first (1 days)$27.11
Prepaid interest, second (1 days)$17.75
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 closing23 yr 5 moOf the original 30-year loan at 3.450%
Interest already paid$70,746Through Nov 2026
Assumption only · ends Apr 2050$131,690
Assumption + second · ends Apr 2050, second Dec 2056$268,248
New conventional · ends Dec 2056$544,205