Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,648/mo
Lowest payment- Down payment
- $37,421
- Funds due
- $47,516
- Interest + MI left
- $72,686
- First ends
- Jul 2050
Assumption
Assumption + second
$1,923/mo
+$275/mo- Down payment
- $10,421
- Funds due
- $21,819
- Interest + MI left
- $144,733
- First ends
- Jul 2050
New loan
New conventional
$2,120/mo
+$472/mo- Down payment
- $10,421
- Funds due
- $18,962
- Interest + MI left
- $270,074
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,079 | $157,079 | $184,079 |
| Second mortgage | — | $27,000 | — |
| First P&I | $811.89 | $811.89 | $1,247.02 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $36.82 |
| Taxes, insurance & HOA | $835.83 | $835.83 | $835.83 |
| Total housing payment | $1,647.72 | $1,922.85 | $2,119.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,421
Closing costs & prepaids$11,398
Usable credit−$0
Total buyer cash needed$21,819
Earnest money paid−$0
Remaining funds due$21,819
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,945.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$785.39
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)$233.50
Initial HOA (3 months)$1,824.00
Prepaid interest, first (6 days)$89.08
Prepaid interest, second (6 days)$52.71
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 7 moOf the original 30-year loan at 3.45%
Interest already paid$37,661Through Dec 2026
Assumption only · ends Jul 2050$72,686
Assumption + second · ends Jul 2050, second Jan 2057$144,733
New conventional · ends Jan 2057$270,074