Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,059/mo
Lowest payment- Down payment
- $139,080
- Funds due
- $151,494
- Interest + MI left
- $108,565
- First ends
- Mar 2050
Assumption
Assumption + second
$2,856/mo
+$797/mo- Down payment
- $40,080
- Funds due
- $53,891
- Interest + MI left
- $296,332
- First ends
- Mar 2050
New loan
New conventional
$3,245/mo
+$1,186/mo- Down payment
- $40,080
- Funds due
- $50,284
- Interest + MI left
- $526,263
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,920 | $260,920 | $359,920 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,324.32 | $1,324.32 | $2,438.22 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $71.98 |
| Taxes, insurance & HOA | $735.00 | $735.00 | $735.00 |
| Total housing payment | $2,059.32 | $2,855.89 | $3,245.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,080
Closing costs & prepaids$13,810
Usable credit−$0
Total buyer cash needed$53,891
Earnest money paid−$0
Remaining funds due$53,891
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,304.60
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)$480.00
Initial HOA (3 months)$1,275.00
Prepaid interest, first (6 days)$136.39
Prepaid interest, second (6 days)$146.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3 moOf the original 30-year loan at 3.18%
Interest already paid$61,190Through Dec 2026
Assumption only · ends Mar 2050$108,565
Assumption + second · ends Mar 2050, second Jan 2057$296,332
New conventional · ends Jan 2057$526,263