Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$809/mo
Lowest payment- Down payment
- $109,581
- Funds due
- $117,821
- Interest + MI left
- $49,832
- First ends
- May 2050
Assumption
Assumption + second
$1,509/mo
+$700/mo- Down payment
- $22,581
- Funds due
- $32,093
- Interest + MI left
- $214,840
- First ends
- May 2050
New loan
New conventional
$1,637/mo
+$827/mo- Down payment
- $22,581
- Funds due
- $29,294
- Interest + MI left
- $294,772
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,419 | $107,419 | $194,419 |
| Second mortgage | — | $87,000 | — |
| First P&I | $557.63 | $557.63 | $1,346.12 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $38.88 |
| Taxes, insurance & HOA | $251.58 | $251.58 | $251.58 |
| Total housing payment | $809.21 | $1,509.23 | $1,636.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,581
Closing costs & prepaids$9,512
Usable credit−$0
Total buyer cash needed$32,093
Earnest money paid−$0
Remaining funds due$32,093
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,170.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$537.09
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)$109.75
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$10.21
Prepaid interest, second (1 days)$21.45
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$26,269Through Nov 2026
Assumption only · ends May 2050$49,832
Assumption + second · ends May 2050, second Dec 2056$214,840
New conventional · ends Dec 2056$294,772