Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,305/mo
Lowest payment- Down payment
- $216,445
- Funds due
- $227,323
- Interest + MI left
- $56,335
- First ends
- Oct 2050
Assumption
Assumption + second
$2,633/mo
+$1,328/mo- Down payment
- $35,445
- Funds due
- $47,612
- Interest + MI left
- $353,456
- First ends
- Oct 2050
New loan
New conventional
$2,884/mo
+$1,579/mo- Down payment
- $35,445
- Funds due
- $44,560
- Interest + MI left
- $476,981
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,555 | $133,555 | $314,555 |
| Second mortgage | — | $181,000 | — |
| First P&I | $661.64 | $661.64 | $2,177.92 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | — | — | $62.91 |
| Taxes, insurance & HOA | $643.67 | $643.67 | $643.67 |
| Total housing payment | $1,305.31 | $2,633.42 | $2,884.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,445
Closing costs & prepaids$12,168
Usable credit−$0
Total buyer cash needed$47,612
Earnest money paid−$0
Remaining funds due$47,612
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$667.78
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)$413.00
Initial HOA (3 months)$1,068.00
Prepaid interest, first (1 days)$11.45
Prepaid interest, second (1 days)$39.67
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 11 moOf the original 30-year loan at 3.130%
Interest already paid$27,500Through Nov 2026
Assumption only · ends Oct 2050$56,335
Assumption + second · ends Oct 2050, second Dec 2056$353,456
New conventional · ends Dec 2056$476,981