Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,795/mo
Lowest payment- Down payment
- $148,923
- Funds due
- $160,703
- Interest + MI left
- $118,012
- First ends
- Oct 2050
Assumption
Assumption + second
$2,558/mo
+$763/mo- Down payment
- $44,923
- Funds due
- $57,999
- Interest + MI left
- $288,734
- First ends
- Oct 2050
New loan
New conventional
$3,184/mo
+$1,389/mo- Down payment
- $44,923
- Funds due
- $54,118
- Interest + MI left
- $599,067
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,067 | $291,067 | $395,067 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,425.36 | $1,425.36 | $2,735.36 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | — | — | $79.01 |
| Taxes, insurance & HOA | $369.58 | $369.58 | $369.58 |
| Total housing payment | $1,794.95 | $2,558.06 | $3,183.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,923
Closing costs & prepaids$13,076
Usable credit−$0
Total buyer cash needed$57,999
Earnest money paid−$0
Remaining funds due$57,999
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%)$1,455.34
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)$403.75
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$48.17
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 11 moOf the original 30-year loan at 3.020%
Interest already paid$57,901Through Nov 2026
Assumption only · ends Oct 2050$118,012
Assumption + second · ends Oct 2050, second Dec 2056$288,734
New conventional · ends Dec 2056$599,067