Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,722/mo
Lowest payment- Down payment
- $106,578
- Funds due
- $117,483
- Interest + MI left
- $98,314
- First ends
- Mar 2050
Assumption
Assumption + second
$2,333/mo
+$612/mo- Down payment
- $30,578
- Funds due
- $42,846
- Interest + MI left
- $242,459
- First ends
- Mar 2050
New loan
New conventional
$2,572/mo
+$850/mo- Down payment
- $30,578
- Funds due
- $39,595
- Interest + MI left
- $401,250
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,422 | $198,422 | $274,422 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,063.57 | $1,063.57 | $1,859.03 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $54.88 |
| Taxes, insurance & HOA | $658.00 | $658.00 | $658.00 |
| Total housing payment | $1,721.57 | $2,333.08 | $2,571.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,578
Closing costs & prepaids$12,268
Usable credit−$0
Total buyer cash needed$42,846
Earnest money paid−$0
Remaining funds due$42,846
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$992.11
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)$366.00
Initial HOA (3 months)$1,158.00
Prepaid interest, first (6 days)$121.34
Prepaid interest, second (6 days)$112.44
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$54,069Through Dec 2026
Assumption only · ends Mar 2050$98,314
Assumption + second · ends Mar 2050, second Jan 2057$242,459
New conventional · ends Jan 2057$401,250