Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,099/mo
Lowest payment- Down payment
- $279,512
- Funds due
- $290,244
- Interest + MI left
- $69,357
- First ends
- Mar 2050
Assumption
Assumption + second
$2,797/mo
+$1,698/mo- Down payment
- $42,512
- Funds due
- $54,545
- Interest + MI left
- $443,600
- First ends
- Mar 2050
New loan
New conventional
$3,038/mo
+$1,939/mo- Down payment
- $42,512
- Funds due
- $51,387
- Interest + MI left
- $572,072
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,265 | $140,265 | $377,265 |
| Second mortgage | — | $237,000 | — |
| First P&I | $748.65 | $748.65 | $2,612.11 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $75.45 |
| Taxes, insurance & HOA | $350.42 | $350.42 | $350.42 |
| Total housing payment | $1,099.07 | $2,796.96 | $3,037.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,512
Closing costs & prepaids$12,033
Usable credit−$0
Total buyer cash needed$54,545
Earnest money paid−$0
Remaining funds due$54,545
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,197.77
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$701.33
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)$433.25
Initial HOA (3 months)$168.00
Prepaid interest, first (1 days)$14.22
Prepaid interest, second (1 days)$50.32
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 4 moOf the original 30-year loan at 3.700%
Interest already paid$37,507Through Nov 2026
Assumption only · ends Mar 2050$69,357
Assumption + second · ends Mar 2050, second Dec 2056$443,600
New conventional · ends Dec 2056$572,072