Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,196/mo
Lowest payment- Down payment
- $102,633
- Funds due
- $112,089
- Interest + MI left
- $67,917
- First ends
- Oct 2050
Assumption
Assumption + second
$1,799/mo
+$603/mo- Down payment
- $27,633
- Funds due
- $38,357
- Interest + MI left
- $210,165
- First ends
- Oct 2050
New loan
New conventional
$2,110/mo
+$914/mo- Down payment
- $27,633
- Funds due
- $35,208
- Interest + MI left
- $370,550
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,367 | $169,367 | $244,367 |
| Second mortgage | — | $75,000 | — |
| First P&I | $826.77 | $826.77 | $1,691.95 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $48.87 |
| Taxes, insurance & HOA | $369.00 | $369.00 | $369.00 |
| Total housing payment | $1,195.77 | $1,799.24 | $2,109.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,633
Closing costs & prepaids$10,724
Usable credit−$0
Total buyer cash needed$38,357
Earnest money paid−$0
Remaining funds due$38,357
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,720.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$846.84
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)$303.00
Initial HOA (3 months)$354.00
Prepaid interest, first (1 days)$13.87
Prepaid interest, second (1 days)$18.49
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 2.990%
Interest already paid$33,369Through Nov 2026
Assumption only · ends Oct 2050$67,917
Assumption + second · ends Oct 2050, second Dec 2056$210,165
New conventional · ends Dec 2056$370,550