Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,823/mo
Lowest payment- Down payment
- $160,255
- Funds due
- $172,095
- Interest + MI left
- $123,411
- First ends
- Aug 2050
Assumption
Assumption + second
$2,667/mo
+$844/mo- Down payment
- $45,255
- Funds due
- $58,371
- Interest + MI left
- $312,190
- First ends
- Aug 2050
New loan
New conventional
$3,239/mo
+$1,416/mo- Down payment
- $45,255
- Funds due
- $54,482
- Interest + MI left
- $606,160
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,745 | $284,745 | $399,745 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,432.13 | $1,432.13 | $2,767.75 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $79.95 |
| Taxes, insurance & HOA | $391.16 | $391.16 | $391.16 |
| Total housing payment | $1,823.29 | $2,667.12 | $3,238.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,255
Closing costs & prepaids$13,116
Usable credit−$0
Total buyer cash needed$58,371
Earnest money paid−$0
Remaining funds due$58,371
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,423.72
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)$627.25
Initial HOA (3 months)$96.24
Prepaid interest, first (1 days)$25.20
Prepaid interest, second (1 days)$25.21
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 9 moOf the original 30-year loan at 3.230%
Interest already paid$62,255Through Nov 2026
Assumption only · ends Aug 2050$123,411
Assumption + second · ends Aug 2050, second Dec 2056$312,190
New conventional · ends Dec 2056$606,160