Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,442/mo
Lowest payment- Down payment
- $115,182
- Funds due
- $125,553
- Interest + MI left
- $63,616
- First ends
- Oct 2050
Assumption
Assumption + second
$2,150/mo
+$708/mo- Down payment
- $27,182
- Funds due
- $38,999
- Interest + MI left
- $230,520
- First ends
- Oct 2050
New loan
New conventional
$2,355/mo
+$912/mo- Down payment
- $27,182
- Funds due
- $36,044
- Interest + MI left
- $347,667
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,808 | $149,808 | $237,808 |
| Second mortgage | — | $88,000 | — |
| First P&I | $746.24 | $746.24 | $1,610.99 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $47.56 |
| Taxes, insurance & HOA | $696.00 | $696.00 | $696.00 |
| Total housing payment | $1,442.24 | $2,150.31 | $2,354.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,182
Closing costs & prepaids$11,817
Usable credit−$0
Total buyer cash needed$38,999
Earnest money paid−$0
Remaining funds due$38,999
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,649.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$749.04
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)$318.00
Initial HOA (3 months)$1,320.00
Prepaid interest, first (9 days)$116.73
Prepaid interest, second (9 days)$195.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 3.16%
Interest already paid$31,600Through Dec 2026
Assumption only · ends Oct 2050$63,616
Assumption + second · ends Oct 2050, second Jan 2057$230,520
New conventional · ends Jan 2057$347,667