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
- $88,798
- Funds due
- $99,391
- Interest + MI left
- $97,545
- First ends
- May 2050
Assumption
Assumption + second
$2,115/mo
+$467/mo- Down payment
- $30,798
- Funds due
- $42,726
- Interest + MI left
- $207,550
- First ends
- May 2050
New loan
New conventional
$2,427/mo
+$778/mo- Down payment
- $30,798
- Funds due
- $39,432
- Interest + MI left
- $393,418
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,102 | $211,102 | $269,102 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,098.39 | $1,098.39 | $1,822.99 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | — | — | $53.82 |
| Taxes, insurance & HOA | $550.00 | $550.00 | $550.00 |
| Total housing payment | $1,648.39 | $2,115.07 | $2,426.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,798
Closing costs & prepaids$11,929
Usable credit−$0
Total buyer cash needed$42,726
Earnest money paid−$0
Remaining funds due$42,726
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,055.51
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)$360.00
Initial HOA (3 months)$840.00
Prepaid interest, first (6 days)$120.42
Prepaid interest, second (6 days)$85.81
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 5 moOf the original 30-year loan at 3.47%
Interest already paid$52,355Through Dec 2026
Assumption only · ends May 2050$97,545
Assumption + second · ends May 2050, second Jan 2057$207,550
New conventional · ends Jan 2057$393,418