Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,201/mo
Lowest payment- Down payment
- $36,996
- Funds due
- $45,680
- Interest + MI left
- $58,469
- First ends
- Mar 2050
Assumption
Assumption + second
$1,496/mo
+$296/mo- Down payment
- $7,996
- Funds due
- $17,987
- Interest + MI left
- $135,852
- First ends
- Mar 2050
New loan
New conventional
$1,593/mo
+$393/mo- Down payment
- $7,996
- Funds due
- $15,319
- Interest + MI left
- $215,709
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,004 | $118,004 | $147,004 |
| Second mortgage | — | $29,000 | — |
| First P&I | $632.52 | $632.52 | $995.86 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $29.40 |
| Taxes, insurance & HOA | $568.00 | $568.00 | $568.00 |
| Total housing payment | $1,200.52 | $1,496.03 | $1,593.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,996
Closing costs & prepaids$9,991
Usable credit−$0
Total buyer cash needed$17,987
Earnest money paid−$0
Remaining funds due$17,987
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$590.02
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)$186.00
Initial HOA (3 months)$1,068.00
Prepaid interest, first (6 days)$72.16
Prepaid interest, second (6 days)$56.61
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 3.72%
Interest already paid$32,156Through Dec 2026
Assumption only · ends Mar 2050$58,469
Assumption + second · ends Mar 2050, second Jan 2057$135,852
New conventional · ends Jan 2057$215,709