Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,803/mo
Lowest payment- Down payment
- $207,429
- Funds due
- $219,753
- Interest + MI left
- $124,127
- First ends
- May 2050
Assumption
Assumption + second
$2,970/mo
+$1,167/mo- Down payment
- $48,429
- Funds due
- $62,037
- Interest + MI left
- $385,134
- First ends
- May 2050
New loan
New conventional
$3,453/mo
+$1,650/mo- Down payment
- $48,429
- Funds due
- $58,199
- Interest + MI left
- $646,838
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,571 | $267,571 | $426,571 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,389.00 | $1,389.00 | $2,953.49 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $85.31 |
| Taxes, insurance & HOA | $414.17 | $414.17 | $414.17 |
| Total housing payment | $1,803.17 | $2,969.85 | $3,452.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,429
Closing costs & prepaids$13,609
Usable credit−$0
Total buyer cash needed$62,037
Earnest money paid−$0
Remaining funds due$62,037
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,337.86
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$430.50
Initial HOA (3 months)$312.00
Prepaid interest, first (1 days)$25.44
Prepaid interest, second (1 days)$34.85
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 6 moOf the original 30-year loan at 3.470%
Interest already paid$65,433Through Nov 2026
Assumption only · ends May 2050$124,127
Assumption + second · ends May 2050, second Dec 2056$385,134
New conventional · ends Dec 2056$646,838