Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,181/mo
Lowest payment- Down payment
- $208,673
- Funds due
- $218,991
- Interest + MI left
- $77,159
- First ends
- May 2050
Assumption
Assumption + second
$2,436/mo
+$1,255/mo- Down payment
- $37,673
- Funds due
- $49,279
- Interest + MI left
- $357,865
- First ends
- May 2050
New loan
New conventional
$2,721/mo
+$1,540/mo- Down payment
- $37,673
- Funds due
- $46,043
- Interest + MI left
- $511,579
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,327 | $166,327 | $337,327 |
| Second mortgage | — | $171,000 | — |
| First P&I | $863.43 | $863.43 | $2,335.58 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | — | — | $67.47 |
| Taxes, insurance & HOA | $317.67 | $317.67 | $317.67 |
| Total housing payment | $1,181.09 | $2,435.83 | $2,720.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,673
Closing costs & prepaids$11,606
Usable credit−$0
Total buyer cash needed$49,279
Earnest money paid−$0
Remaining funds due$49,279
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%)$831.64
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)$251.00
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$15.81
Prepaid interest, second (1 days)$37.48
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$40,674Through Nov 2026
Assumption only · ends May 2050$77,159
Assumption + second · ends May 2050, second Dec 2056$357,865
New conventional · ends Dec 2056$511,579