Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,621/mo
Lowest payment- Down payment
- $167,465
- Funds due
- $178,835
- Interest + MI left
- $65,899
- First ends
- Oct 2050
Assumption
Assumption + second
$2,605/mo
+$983/mo- Down payment
- $33,465
- Funds due
- $46,115
- Interest + MI left
- $285,867
- First ends
- Oct 2050
New loan
New conventional
$2,938/mo
+$1,317/mo- Down payment
- $33,465
- Funds due
- $42,941
- Interest + MI left
- $449,656
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,535 | $162,535 | $296,535 |
| Second mortgage | — | $134,000 | — |
| First P&I | $795.94 | $795.94 | $2,053.15 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | — | — | $59.31 |
| Taxes, insurance & HOA | $825.33 | $825.33 | $825.33 |
| Total housing payment | $1,621.27 | $2,604.52 | $2,937.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,465
Closing costs & prepaids$12,649
Usable credit−$0
Total buyer cash needed$46,115
Earnest money paid−$0
Remaining funds due$46,115
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$812.67
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)$751.00
Initial HOA (3 months)$1,275.00
Prepaid interest, first (1 days)$13.45
Prepaid interest, second (1 days)$29.37
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 11 moOf the original 30-year loan at 3.020%
Interest already paid$32,332Through Nov 2026
Assumption only · ends Oct 2050$65,899
Assumption + second · ends Oct 2050, second Dec 2056$285,867
New conventional · ends Dec 2056$449,656