Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,836/mo
Lowest payment- Down payment
- $149,616
- Funds due
- $161,685
- Interest + MI left
- $117,280
- First ends
- Oct 2050
Assumption
Assumption + second
$2,607/mo
+$770/mo- Down payment
- $44,616
- Funds due
- $58,142
- Interest + MI left
- $289,643
- First ends
- Oct 2050
New loan
New conventional
$3,168/mo
+$1,332/mo- Down payment
- $44,616
- Funds due
- $54,478
- Interest + MI left
- $578,102
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,374 | $290,374 | $395,374 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,425.36 | $1,425.36 | $2,678.40 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $79.07 |
| Taxes, insurance & HOA | $411.00 | $411.00 | $411.00 |
| Total housing payment | $1,836.36 | $2,606.82 | $3,168.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,616
Closing costs & prepaids$13,526
Usable credit−$0
Total buyer cash needed$58,142
Earnest money paid−$0
Remaining funds due$58,142
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,451.87
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)$528.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$216.23
Prepaid interest, second (9 days)$207.12
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 3.02%
Interest already paid$58,633Through Dec 2026
Assumption only · ends Oct 2050$117,280
Assumption + second · ends Oct 2050, second Jan 2057$289,643
New conventional · ends Jan 2057$578,102