Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,775/mo
Lowest payment- Down payment
- $137,077
- Funds due
- $148,619
- Interest + MI left
- $97,444
- First ends
- Jul 2050
Assumption
Assumption + second
$2,564/mo
+$789/mo- Down payment
- $39,077
- Funds due
- $51,893
- Interest + MI left
- $283,315
- First ends
- Jul 2050
New loan
New conventional
$3,013/mo
+$1,237/mo- Down payment
- $39,077
- Funds due
- $48,260
- Interest + MI left
- $519,997
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,923 | $244,923 | $342,923 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,205.52 | $1,205.52 | $2,374.33 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $68.58 |
| Taxes, insurance & HOA | $569.67 | $569.67 | $569.67 |
| Total housing payment | $1,775.18 | $2,563.71 | $3,012.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,077
Closing costs & prepaids$12,816
Usable credit−$0
Total buyer cash needed$51,893
Earnest money paid−$0
Remaining funds due$51,893
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,820.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,224.61
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)$818.00
Initial HOA (3 months)$441.00
Prepaid interest, first (1 days)$20.13
Prepaid interest, second (1 days)$24.16
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 8 moOf the original 30-year loan at 3.000%
Interest already paid$50,606Through Nov 2026
Assumption only · ends Jul 2050$97,444
Assumption + second · ends Jul 2050, second Dec 2056$283,315
New conventional · ends Dec 2056$519,997