Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,141/mo
Lowest payment- Down payment
- $148,436
- Funds due
- $158,077
- Interest + MI left
- $75,008
- First ends
- May 2050
Assumption
Assumption + second
$1,992/mo
+$851/mo- Down payment
- $32,436
- Funds due
- $43,352
- Interest + MI left
- $265,429
- First ends
- May 2050
New loan
New conventional
$2,315/mo
+$1,174/mo- Down payment
- $32,436
- Funds due
- $40,145
- Interest + MI left
- $436,053
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,564 | $171,564 | $287,564 |
| Second mortgage | — | $116,000 | — |
| First P&I | $874.37 | $874.37 | $1,991.04 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $57.51 |
| Taxes, insurance & HOA | $266.58 | $266.58 | $266.58 |
| Total housing payment | $1,140.96 | $1,992.12 | $2,315.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,436
Closing costs & prepaids$10,916
Usable credit−$0
Total buyer cash needed$43,352
Earnest money paid−$0
Remaining funds due$43,352
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$857.82
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)$307.75
Initial HOA (3 months)$42.00
Prepaid interest, first (1 days)$15.46
Prepaid interest, second (1 days)$25.42
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 6 moOf the original 30-year loan at 3.290%
Interest already paid$39,865Through Nov 2026
Assumption only · ends May 2050$75,008
Assumption + second · ends May 2050, second Dec 2056$265,429
New conventional · ends Dec 2056$436,053