Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,144/mo
Lowest payment- Down payment
- $104,909
- Funds due
- $114,324
- Interest + MI left
- $66,923
- First ends
- Oct 2050
Assumption
Assumption + second
$1,763/mo
+$620/mo- Down payment
- $27,909
- Funds due
- $38,745
- Interest + MI left
- $212,964
- First ends
- Oct 2050
New loan
New conventional
$2,021/mo
+$877/mo- Down payment
- $27,909
- Funds due
- $35,732
- Interest + MI left
- $353,880
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,091 | $165,091 | $242,091 |
| Second mortgage | — | $77,000 | — |
| First P&I | $811.24 | $811.24 | $1,640.01 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $48.42 |
| Taxes, insurance & HOA | $332.67 | $332.67 | $332.67 |
| Total housing payment | $1,143.91 | $1,763.46 | $2,021.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,909
Closing costs & prepaids$10,836
Usable credit−$0
Total buyer cash needed$38,745
Earnest money paid−$0
Remaining funds due$38,745
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$825.45
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)$324.00
Initial HOA (3 months)$224.01
Prepaid interest, first (9 days)$123.34
Prepaid interest, second (9 days)$170.88
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 3.03%
Interest already paid$33,442Through Dec 2026
Assumption only · ends Oct 2050$66,923
Assumption + second · ends Oct 2050, second Jan 2057$212,964
New conventional · ends Jan 2057$353,880