Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,585/mo
Lowest payment- Down payment
- $118,448
- Funds due
- $129,260
- Interest + MI left
- $71,341
- First ends
- Dec 2050
Assumption
Assumption + second
$2,293/mo
+$708/mo- Down payment
- $30,448
- Funds due
- $42,553
- Interest + MI left
- $238,246
- First ends
- Dec 2050
New loan
New conventional
$2,612/mo
+$1,027/mo- Down payment
- $30,448
- Funds due
- $39,359
- Interest + MI left
- $401,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,552 | $176,552 | $264,552 |
| Second mortgage | — | $88,000 | — |
| First P&I | $857.76 | $857.76 | $1,831.70 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $52.91 |
| Taxes, insurance & HOA | $727.58 | $727.58 | $727.58 |
| Total housing payment | $1,585.35 | $2,293.42 | $2,612.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,448
Closing costs & prepaids$12,106
Usable credit−$0
Total buyer cash needed$42,553
Earnest money paid−$0
Remaining funds due$42,553
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$882.76
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)$1,141.75
Initial HOA (3 months)$591.00
Prepaid interest, first (2 days)$28.93
Prepaid interest, second (2 days)$43.40
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 yr 1 moOf the original 30-year loan at 2.990%
Interest already paid$33,741Through Nov 2026
Assumption only · ends Dec 2050$71,341
Assumption + second · ends Dec 2050, second Dec 2056$238,246
New conventional · ends Dec 2056$401,105