Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,780/mo
Lowest payment- Down payment
- $124,200
- Funds due
- $135,496
- Interest + MI left
- $104,950
- First ends
- Jun 2050
Assumption
Assumption + second
$2,505/mo
+$724/mo- Down payment
- $34,200
- Funds due
- $46,879
- Interest + MI left
- $275,647
- First ends
- Jun 2050
New loan
New conventional
$2,769/mo
+$988/mo- Down payment
- $34,200
- Funds due
- $43,522
- Interest + MI left
- $444,206
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,800 | $213,800 | $303,800 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,130.32 | $1,130.32 | $2,058.05 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $60.76 |
| Taxes, insurance & HOA | $650.17 | $650.17 | $650.17 |
| Total housing payment | $1,780.49 | $2,504.65 | $2,768.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,200
Closing costs & prepaids$12,679
Usable credit−$0
Total buyer cash needed$46,879
Earnest money paid−$0
Remaining funds due$46,879
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,380.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,069.00
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)$405.50
Initial HOA (3 months)$1,095.00
Prepaid interest, first (6 days)$128.28
Prepaid interest, second (6 days)$133.15
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 6 moOf the original 30-year loan at 3.65%
Interest already paid$54,879Through Dec 2026
Assumption only · ends Jun 2050$104,950
Assumption + second · ends Jun 2050, second Jan 2057$275,647
New conventional · ends Jan 2057$444,206