Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,482/mo
Lowest payment- Down payment
- $126,792
- Funds due
- $137,572
- Interest + MI left
- $81,017
- First ends
- Sep 2050
Assumption
Assumption + second
$2,215/mo
+$732/mo- Down payment
- $35,792
- Funds due
- $48,024
- Interest + MI left
- $253,611
- First ends
- Sep 2050
New loan
New conventional
$2,606/mo
+$1,124/mo- Down payment
- $35,792
- Funds due
- $44,710
- Interest + MI left
- $459,361
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,208 | $223,208 | $314,208 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,067.46 | $1,067.46 | $2,128.55 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $62.84 |
| Taxes, insurance & HOA | $415.00 | $415.00 | $415.00 |
| Total housing payment | $1,482.46 | $2,214.66 | $2,606.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,792
Closing costs & prepaids$12,232
Usable credit−$0
Total buyer cash needed$48,024
Earnest money paid−$0
Remaining funds due$48,024
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,116.04
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)$420.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$151.35
Prepaid interest, second (9 days)$201.95
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 9 moOf the original 30-year loan at 2.75%
Interest already paid$41,791Through Dec 2026
Assumption only · ends Sep 2050$81,017
Assumption + second · ends Sep 2050, second Jan 2057$253,611
New conventional · ends Jan 2057$459,361