Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,330/mo
Lowest payment- Down payment
- $171,288
- Funds due
- $181,589
- Interest + MI left
- $91,829
- First ends
- Mar 2050
Assumption
Assumption + second
$2,320/mo
+$991/mo- Down payment
- $36,288
- Funds due
- $47,868
- Interest + MI left
- $313,439
- First ends
- Mar 2050
New loan
New conventional
$2,623/mo
+$1,293/mo- Down payment
- $36,288
- Funds due
- $44,551
- Interest + MI left
- $486,317
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,712 | $185,712 | $320,712 |
| Second mortgage | — | $135,000 | — |
| First P&I | $991.22 | $991.22 | $2,220.55 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | — | — | $64.14 |
| Taxes, insurance & HOA | $338.50 | $338.50 | $338.50 |
| Total housing payment | $1,329.72 | $2,320.30 | $2,623.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,288
Closing costs & prepaids$11,580
Usable credit−$0
Total buyer cash needed$47,868
Earnest money paid−$0
Remaining funds due$47,868
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,570.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$928.56
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)$331.50
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$18.83
Prepaid interest, second (1 days)$29.59
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 4 moOf the original 30-year loan at 3.700%
Interest already paid$49,660Through Nov 2026
Assumption only · ends Mar 2050$91,829
Assumption + second · ends Mar 2050, second Dec 2056$313,439
New conventional · ends Dec 2056$486,317