Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,552/mo
Lowest payment- Down payment
- $146,327
- Funds due
- $157,014
- Interest + MI left
- $108,684
- First ends
- Dec 2049
Assumption
Assumption + second
$2,345/mo
+$792/mo- Down payment
- $38,327
- Funds due
- $50,287
- Interest + MI left
- $285,972
- First ends
- Dec 2049
New loan
New conventional
$2,733/mo
+$1,180/mo- Down payment
- $38,327
- Funds due
- $46,739
- Interest + MI left
- $510,520
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,673 | $228,673 | $336,673 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,217.89 | $1,217.89 | $2,331.06 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $67.33 |
| Taxes, insurance & HOA | $334.17 | $334.17 | $334.17 |
| Total housing payment | $1,552.06 | $2,344.53 | $2,732.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,327
Closing costs & prepaids$11,960
Usable credit−$0
Total buyer cash needed$50,287
Earnest money paid−$0
Remaining funds due$50,287
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%)$1,143.36
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)$291.50
Initial HOA (3 months)$261.00
Prepaid interest, first (1 days)$22.62
Prepaid interest, second (1 days)$23.67
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 1 moOf the original 30-year loan at 3.610%
Interest already paid$62,211Through Nov 2026
Assumption only · ends Dec 2049$108,684
Assumption + second · ends Dec 2049, second Dec 2056$285,972
New conventional · ends Dec 2056$510,520