Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,624/mo
Lowest payment- Down payment
- $192,181
- Funds due
- $206,962
- Interest + MI left
- $186,446
- First ends
- Apr 2050
Assumption
Assumption + second
$3,593/mo
+$969/mo- Down payment
- $60,181
- Funds due
- $76,415
- Interest + MI left
- $403,131
- First ends
- Apr 2050
New loan
New conventional
$4,266/mo
+$1,642/mo- Down payment
- $60,181
- Funds due
- $72,002
- Interest + MI left
- $789,158
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,719 | $407,719 | $539,719 |
| Second mortgage | — | $132,000 | — |
| First P&I | $2,122.02 | $2,122.02 | $3,656.24 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $107.94 |
| Taxes, insurance & HOA | $502.00 | $502.00 | $502.00 |
| Total housing payment | $2,624.01 | $3,592.58 | $4,266.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,181
Closing costs & prepaids$16,234
Usable credit−$0
Total buyer cash needed$76,415
Earnest money paid−$0
Remaining funds due$76,415
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,038.59
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)$285.99
Prepaid interest, first (7 days)$269.76
Prepaid interest, second (7 days)$202.52
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 4 moOf the original 30-year loan at 3.45%
Interest already paid$101,967Through Dec 2026
Assumption only · ends Apr 2050$186,446
Assumption + second · ends Apr 2050, second Jan 2057$403,131
New conventional · ends Jan 2057$789,158