Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,329/mo
Lowest payment- Down payment
- $152,572
- Funds due
- $162,783
- Interest + MI left
- $73,971
- First ends
- May 2050
Assumption
Assumption + second
$2,217/mo
+$888/mo- Down payment
- $31,572
- Funds due
- $43,086
- Interest + MI left
- $272,599
- First ends
- May 2050
New loan
New conventional
$2,492/mo
+$1,163/mo- Down payment
- $31,572
- Funds due
- $39,969
- Interest + MI left
- $422,199
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,428 | $157,428 | $278,428 |
| Second mortgage | — | $121,000 | — |
| First P&I | $820.56 | $820.56 | $1,927.78 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $55.69 |
| Taxes, insurance & HOA | $508.25 | $508.25 | $508.25 |
| Total housing payment | $1,328.81 | $2,216.66 | $2,491.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,572
Closing costs & prepaids$11,513
Usable credit−$0
Total buyer cash needed$43,086
Earnest money paid−$0
Remaining funds due$43,086
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$787.14
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)$1,010.75
Initial HOA (3 months)$63.99
Prepaid interest, first (2 days)$30.28
Prepaid interest, second (2 days)$53.04
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 6 moOf the original 30-year loan at 3.510%
Interest already paid$38,923Through Nov 2026
Assumption only · ends May 2050$73,971
Assumption + second · ends May 2050, second Dec 2056$272,599
New conventional · ends Dec 2056$422,199