Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,674/mo
Lowest payment- Down payment
- $158,586
- Funds due
- $169,865
- Interest + MI left
- $98,799
- First ends
- Feb 2050
Assumption
Assumption + second
$2,569/mo
+$895/mo- Down payment
- $36,586
- Funds due
- $49,276
- Interest + MI left
- $299,068
- First ends
- Feb 2050
New loan
New conventional
$2,850/mo
+$1,176/mo- Down payment
- $36,586
- Funds due
- $45,959
- Interest + MI left
- $472,820
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,414 | $201,414 | $323,414 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,079.90 | $1,079.90 | $2,190.92 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $64.68 |
| Taxes, insurance & HOA | $594.00 | $594.00 | $594.00 |
| Total housing payment | $1,673.90 | $2,569.09 | $2,849.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,586
Closing costs & prepaids$12,690
Usable credit−$0
Total buyer cash needed$49,276
Earnest money paid−$0
Remaining funds due$49,276
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,007.07
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)$432.00
Initial HOA (3 months)$900.00
Prepaid interest, first (6 days)$122.50
Prepaid interest, second (6 days)$160.44
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 2 moOf the original 30-year loan at 3.7%
Interest already paid$55,349Through Dec 2026
Assumption only · ends Feb 2050$98,799
Assumption + second · ends Feb 2050, second Jan 2057$299,068
New conventional · ends Jan 2057$472,820