Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,690/mo
Lowest payment- Down payment
- $146,995
- Funds due
- $158,368
- Interest + MI left
- $119,329
- First ends
- Sep 2050
Assumption
Assumption + second
$2,453/mo
+$763/mo- Down payment
- $42,995
- Funds due
- $55,663
- Interest + MI left
- $290,050
- First ends
- Sep 2050
New loan
New conventional
$3,033/mo
+$1,343/mo- Down payment
- $42,995
- Funds due
- $51,847
- Interest + MI left
- $583,886
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,005 | $281,005 | $385,005 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,399.77 | $1,399.77 | $2,665.70 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | — | — | $77.00 |
| Taxes, insurance & HOA | $290.41 | $290.41 | $290.41 |
| Total housing payment | $1,690.18 | $2,453.30 | $3,033.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,995
Closing costs & prepaids$12,669
Usable credit−$0
Total buyer cash needed$55,663
Earnest money paid−$0
Remaining funds due$55,663
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,280.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,405.03
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)$339.25
Initial HOA (3 months)$81.99
Prepaid interest, first (2 days)$48.66
Prepaid interest, second (2 days)$45.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.160%
Interest already paid$59,274Through Nov 2026
Assumption only · ends Sep 2050$119,329
Assumption + second · ends Sep 2050, second Dec 2056$290,050
New conventional · ends Dec 2056$583,886