Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,635/mo
Lowest payment- Down payment
- $140,829
- Funds due
- $151,942
- Interest + MI left
- $99,440
- First ends
- Sep 2050
Assumption
Assumption + second
$2,390/mo
+$756/mo- Down payment
- $37,829
- Funds due
- $50,215
- Interest + MI left
- $268,520
- First ends
- Sep 2050
New loan
New conventional
$2,870/mo
+$1,235/mo- Down payment
- $37,829
- Funds due
- $46,648
- Interest + MI left
- $511,343
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,171 | $234,171 | $337,171 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,166.47 | $1,166.47 | $2,334.50 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $67.43 |
| Taxes, insurance & HOA | $468.08 | $468.08 | $468.08 |
| Total housing payment | $1,634.56 | $2,390.33 | $2,870.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,829
Closing costs & prepaids$12,386
Usable credit−$0
Total buyer cash needed$50,215
Earnest money paid−$0
Remaining funds due$50,215
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,170.85
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)$369.25
Initial HOA (3 months)$585.00
Prepaid interest, first (1 days)$20.27
Prepaid interest, second (1 days)$22.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$49,395Through Nov 2026
Assumption only · ends Sep 2050$99,440
Assumption + second · ends Sep 2050, second Dec 2056$268,520
New conventional · ends Dec 2056$511,343