Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,711/mo
Lowest payment- Down payment
- $160,722
- Funds due
- $175,693
- Interest + MI left
- $191,867
- First ends
- Nov 2050
Assumption
Assumption + second
$3,445/mo
+$734/mo- Down payment
- $60,722
- Funds due
- $77,097
- Interest + MI left
- $356,022
- First ends
- Nov 2050
New loan
New conventional
$4,273/mo
+$1,562/mo- Down payment
- $60,722
- Funds due
- $72,567
- Interest + MI left
- $788,514
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,278 | $439,278 | $539,278 |
| Second mortgage | — | $100,000 | — |
| First P&I | $2,199.11 | $2,199.11 | $3,653.26 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | — | — | $107.86 |
| Taxes, insurance & HOA | $511.67 | $511.67 | $511.67 |
| Total housing payment | $2,710.78 | $3,444.54 | $4,272.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,722
Closing costs & prepaids$16,375
Usable credit−$0
Total buyer cash needed$77,097
Earnest money paid−$0
Remaining funds due$77,097
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,196.39
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$720.00
Initial HOA (3 months)$315.00
Prepaid interest, first (7 days)$272.11
Prepaid interest, second (7 days)$153.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3.23%
Interest already paid$93,233Through Dec 2026
Assumption only · ends Nov 2050$191,867
Assumption + second · ends Nov 2050, second Jan 2057$356,022
New conventional · ends Jan 2057$788,514