Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,710/mo
Lowest payment- Down payment
- $145,597
- Funds due
- $157,011
- Interest + MI left
- $119,157
- First ends
- Jun 2050
Assumption
Assumption + second
$2,480/mo
+$770/mo- Down payment
- $40,597
- Funds due
- $53,468
- Interest + MI left
- $291,520
- First ends
- Jun 2050
New loan
New conventional
$2,892/mo
+$1,182/mo- Down payment
- $40,597
- Funds due
- $49,957
- Interest + MI left
- $525,435
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,403 | $254,403 | $359,403 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,324.68 | $1,324.68 | $2,434.72 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $71.88 |
| Taxes, insurance & HOA | $385.00 | $385.00 | $385.00 |
| Total housing payment | $1,709.68 | $2,480.13 | $2,891.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,597
Closing costs & prepaids$12,872
Usable credit−$0
Total buyer cash needed$53,468
Earnest money paid−$0
Remaining funds due$53,468
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,272.02
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)$480.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$219.55
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 6 moOf the original 30-year loan at 3.5%
Interest already paid$62,728Through Dec 2026
Assumption only · ends Jun 2050$119,157
Assumption + second · ends Jun 2050, second Jan 2057$291,520
New conventional · ends Jan 2057$525,435