Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,739/mo
Lowest payment- Down payment
- $132,778
- Funds due
- $144,098
- Interest + MI left
- $123,168
- First ends
- Jun 2050
Assumption
Assumption + second
$2,480/mo
+$740/mo- Down payment
- $40,778
- Funds due
- $53,484
- Interest + MI left
- $297,659
- First ends
- Jun 2050
New loan
New conventional
$2,860/mo
+$1,121/mo- Down payment
- $40,778
- Funds due
- $49,834
- Interest + MI left
- $525,170
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,222 | $267,222 | $359,222 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,384.36 | $1,384.36 | $2,433.49 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $71.84 |
| Taxes, insurance & HOA | $355.00 | $355.00 | $355.00 |
| Total housing payment | $1,739.36 | $2,479.62 | $2,860.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,778
Closing costs & prepaids$12,707
Usable credit−$0
Total buyer cash needed$53,484
Earnest money paid−$0
Remaining funds due$53,484
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%)$1,336.11
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)$135.00
Prepaid interest, first (6 days)$151.55
Prepaid interest, second (6 days)$136.11
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 6 moOf the original 30-year loan at 3.45%
Interest already paid$64,987Through Dec 2026
Assumption only · ends Jun 2050$123,168
Assumption + second · ends Jun 2050, second Jan 2057$297,659
New conventional · ends Jan 2057$525,170