Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,121/mo
Lowest payment- Down payment
- $233,836
- Funds due
- $244,200
- Interest + MI left
- $87,567
- First ends
- May 2050
Assumption
Assumption + second
$2,530/mo
+$1,409/mo- Down payment
- $41,836
- Funds due
- $53,534
- Interest + MI left
- $402,745
- First ends
- May 2050
New loan
New conventional
$2,826/mo
+$1,705/mo- Down payment
- $41,836
- Funds due
- $50,198
- Interest + MI left
- $565,928
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,164 | $181,164 | $373,164 |
| Second mortgage | — | $192,000 | — |
| First P&I | $952.95 | $952.95 | $2,583.71 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $74.63 |
| Taxes, insurance & HOA | $168.09 | $168.09 | $168.09 |
| Total housing payment | $1,121.03 | $2,529.86 | $2,826.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,836
Closing costs & prepaids$11,698
Usable credit−$0
Total buyer cash needed$53,534
Earnest money paid−$0
Remaining funds due$53,534
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$905.82
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)$15.50
Initial HOA (3 months)$38.76
Prepaid interest, first (2 days)$35.74
Prepaid interest, second (2 days)$84.16
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 3.600%
Interest already paid$45,892Through Nov 2026
Assumption only · ends May 2050$87,567
Assumption + second · ends May 2050, second Dec 2056$402,745
New conventional · ends Dec 2056$565,928