Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,765/mo
Lowest payment- Down payment
- $86,302
- Funds due
- $97,426
- Interest + MI left
- $98,807
- First ends
- Nov 2050
Assumption
Assumption + second
$2,192/mo
+$426/mo- Down payment
- $33,302
- Funds due
- $45,754
- Interest + MI left
- $199,329
- First ends
- Nov 2050
New loan
New conventional
$2,641/mo
+$876/mo- Down payment
- $33,302
- Funds due
- $42,310
- Interest + MI left
- $433,822
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,698 | $243,698 | $296,698 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,193.40 | $1,193.40 | $2,009.94 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $59.34 |
| Taxes, insurance & HOA | $572.00 | $572.00 | $572.00 |
| Total housing payment | $1,765.40 | $2,191.85 | $2,641.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,302
Closing costs & prepaids$12,452
Usable credit−$0
Total buyer cash needed$45,754
Earnest money paid−$0
Remaining funds due$45,754
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,218.49
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)$396.00
Initial HOA (3 months)$870.00
Prepaid interest, first (6 days)$120.98
Prepaid interest, second (6 days)$78.41
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 11 moOf the original 30-year loan at 3.02%
Interest already paid$48,478Through Dec 2026
Assumption only · ends Nov 2050$98,807
Assumption + second · ends Nov 2050, second Jan 2057$199,329
New conventional · ends Jan 2057$433,822