Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,971/mo
Lowest payment- Down payment
- $179,197
- Funds due
- $191,815
- Interest + MI left
- $106,503
- First ends
- Oct 2050
Assumption
Assumption + second
$2,969/mo
+$998/mo- Down payment
- $43,197
- Funds due
- $57,244
- Interest + MI left
- $329,755
- First ends
- Oct 2050
New loan
New conventional
$3,420/mo
+$1,448/mo- Down payment
- $43,197
- Funds due
- $53,663
- Interest + MI left
- $565,570
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,803 | $250,803 | $386,803 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,249.32 | $1,249.32 | $2,620.34 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $77.36 |
| Taxes, insurance & HOA | $722.00 | $722.00 | $722.00 |
| Total housing payment | $1,971.32 | $2,969.24 | $3,419.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,197
Closing costs & prepaids$14,047
Usable credit−$0
Total buyer cash needed$57,244
Earnest money paid−$0
Remaining funds due$57,244
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,254.02
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)$516.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (6 days)$130.28
Prepaid interest, second (6 days)$178.85
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 10 moOf the original 30-year loan at 3.16%
Interest already paid$52,903Through Dec 2026
Assumption only · ends Oct 2050$106,503
Assumption + second · ends Oct 2050, second Jan 2057$329,755
New conventional · ends Jan 2057$565,570