Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,483/mo
Lowest payment- Down payment
- $104,797
- Funds due
- $114,974
- Interest + MI left
- $97,269
- First ends
- Jun 2050
Assumption
Assumption + second
$2,070/mo
+$587/mo- Down payment
- $31,797
- Funds due
- $43,242
- Interest + MI left
- $235,724
- First ends
- Jun 2050
New loan
New conventional
$2,414/mo
+$931/mo- Down payment
- $31,797
- Funds due
- $39,850
- Interest + MI left
- $429,496
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,203 | $210,203 | $283,203 |
| Second mortgage | — | $73,000 | — |
| First P&I | $1,086.47 | $1,086.47 | $1,960.84 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | — | — | $56.64 |
| Taxes, insurance & HOA | $396.08 | $396.08 | $396.08 |
| Total housing payment | $1,482.56 | $2,069.93 | $2,413.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,797
Closing costs & prepaids$11,445
Usable credit−$0
Total buyer cash needed$43,242
Earnest money paid−$0
Remaining funds due$43,242
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,051.01
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)$459.25
Initial HOA (3 months)$279.00
Prepaid interest, first (1 days)$19.87
Prepaid interest, second (1 days)$18.00
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 7 moOf the original 30-year loan at 3.450%
Interest already paid$50,398Through Nov 2026
Assumption only · ends Jun 2050$97,269
Assumption + second · ends Jun 2050, second Dec 2056$235,724
New conventional · ends Dec 2056$429,496