Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,547/mo
Lowest payment- Down payment
- $39,322
- Funds due
- $49,212
- Interest + MI left
- $89,473
- First ends
- Oct 2050
Assumption
Assumption + second
$1,812/mo
+$265/mo- Down payment
- $13,322
- Funds due
- $24,471
- Interest + MI left
- $158,852
- First ends
- Oct 2050
New loan
New conventional
$2,224/mo
+$677/mo- Down payment
- $13,322
- Funds due
- $21,214
- Interest + MI left
- $375,387
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,678 | $220,678 | $246,678 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,080.67 | $1,080.67 | $1,707.95 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | — | — | $49.34 |
| Taxes, insurance & HOA | $466.83 | $466.83 | $466.83 |
| Total housing payment | $1,547.50 | $1,812.44 | $2,224.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,322
Closing costs & prepaids$11,149
Usable credit−$0
Total buyer cash needed$24,471
Earnest money paid−$0
Remaining funds due$24,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,103.39
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)$641.50
Initial HOA (3 months)$309.00
Prepaid interest, first (1 days)$18.26
Prepaid interest, second (1 days)$8.46
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 11 moOf the original 30-year loan at 3.020%
Interest already paid$43,899Through Nov 2026
Assumption only · ends Oct 2050$89,473
Assumption + second · ends Oct 2050, second Dec 2056$158,852
New conventional · ends Dec 2056$375,387