Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,078/mo
Lowest payment- Down payment
- $188,612
- Funds due
- $198,598
- Interest + MI left
- $54,224
- First ends
- Dec 2050
Assumption
Assumption + second
$2,216/mo
+$1,137/mo- Down payment
- $33,612
- Funds due
- $44,882
- Interest + MI left
- $308,665
- First ends
- Dec 2050
New loan
New conventional
$2,509/mo
+$1,431/mo- Down payment
- $33,612
- Funds due
- $41,815
- Interest + MI left
- $447,917
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,388 | $140,388 | $295,388 |
| Second mortgage | — | $155,000 | — |
| First P&I | $673.40 | $673.40 | $2,045.21 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $59.08 |
| Taxes, insurance & HOA | $404.83 | $404.83 | $404.83 |
| Total housing payment | $1,078.23 | $2,215.57 | $2,509.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,612
Closing costs & prepaids$11,269
Usable credit−$0
Total buyer cash needed$44,882
Earnest money paid−$0
Remaining funds due$44,882
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$701.94
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)$527.50
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$11.04
Prepaid interest, second (1 days)$33.97
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 closing24 yr 1 moOf the original 30-year loan at 2.870%
Interest already paid$25,788Through Nov 2026
Assumption only · ends Dec 2050$54,224
Assumption + second · ends Dec 2050, second Dec 2056$308,665
New conventional · ends Dec 2056$447,917