Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,800/mo
Lowest payment- Down payment
- $193,839
- Funds due
- $209,292
- Interest + MI left
- $205,999
- First ends
- Oct 2050
Assumption
Assumption + second
$3,739/mo
+$939/mo- Down payment
- $65,839
- Funds due
- $82,710
- Interest + MI left
- $416,118
- First ends
- Oct 2050
New loan
New conventional
$4,559/mo
+$1,759/mo- Down payment
- $65,839
- Funds due
- $77,999
- Interest + MI left
- $854,140
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,161 | $456,161 | $584,161 |
| Second mortgage | — | $128,000 | — |
| First P&I | $2,315.25 | $2,315.25 | $3,957.31 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | — | — | $116.83 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $2,799.91 | $3,739.13 | $4,558.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,839
Closing costs & prepaids$16,872
Usable credit−$0
Total buyer cash needed$82,710
Earnest money paid−$0
Remaining funds due$82,710
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,280.81
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)$780.00
Initial HOA (3 months)$174.00
Prepaid interest, first (6 days)$250.45
Prepaid interest, second (6 days)$168.33
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 3.34%
Interest already paid$101,490Through Dec 2026
Assumption only · ends Oct 2050$205,999
Assumption + second · ends Oct 2050, second Jan 2057$416,118
New conventional · ends Jan 2057$854,140