Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,706/mo
Lowest payment- Down payment
- $164,107
- Funds due
- $175,718
- Interest + MI left
- $100,873
- First ends
- Sep 2050
Assumption
Assumption + second
$2,601/mo
+$895/mo- Down payment
- $42,107
- Funds due
- $54,995
- Interest + MI left
- $301,142
- First ends
- Sep 2050
New loan
New conventional
$3,125/mo
+$1,419/mo- Down payment
- $42,107
- Funds due
- $51,314
- Interest + MI left
- $562,334
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,843 | $248,843 | $370,843 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,222.78 | $1,222.78 | $2,567.64 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $74.17 |
| Taxes, insurance & HOA | $482.91 | $482.91 | $482.91 |
| Total housing payment | $1,705.70 | $2,600.89 | $3,124.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,107
Closing costs & prepaids$12,888
Usable credit−$0
Total buyer cash needed$54,995
Earnest money paid−$0
Remaining funds due$54,995
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,129.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,244.21
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)$628.75
Initial HOA (3 months)$369.99
Prepaid interest, first (1 days)$20.66
Prepaid interest, second (1 days)$26.74
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 10 moOf the original 30-year loan at 3.030%
Interest already paid$50,408Through Nov 2026
Assumption only · ends Sep 2050$100,873
Assumption + second · ends Sep 2050, second Dec 2056$301,142
New conventional · ends Dec 2056$562,334