Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,601/mo
Lowest payment- Down payment
- $146,863
- Funds due
- $158,135
- Interest + MI left
- $90,310
- First ends
- Dec 2050
Assumption
Assumption + second
$2,393/mo
+$792/mo- Down payment
- $38,863
- Funds due
- $51,527
- Interest + MI left
- $267,598
- First ends
- Dec 2050
New loan
New conventional
$2,853/mo
+$1,252/mo- Down payment
- $38,863
- Funds due
- $48,084
- Interest + MI left
- $497,122
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,037 | $232,037 | $340,037 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,119.26 | $1,119.26 | $2,303.53 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $68.01 |
| Taxes, insurance & HOA | $481.58 | $481.58 | $481.58 |
| Total housing payment | $1,600.85 | $2,393.31 | $2,853.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,863
Closing costs & prepaids$12,665
Usable credit−$0
Total buyer cash needed$51,527
Earnest money paid−$0
Remaining funds due$51,527
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,789.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,160.19
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)$454.75
Initial HOA (3 months)$540.00
Prepaid interest, first (6 days)$110.62
Prepaid interest, second (6 days)$142.03
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 closing24 yrOf the original 30-year loan at 2.9%
Interest already paid$43,719Through Dec 2026
Assumption only · ends Dec 2050$90,310
Assumption + second · ends Dec 2050, second Jan 2057$267,598
New conventional · ends Jan 2057$497,122