Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,023/mo
Lowest payment- Down payment
- $124,564
- Funds due
- $136,706
- Interest + MI left
- $135,342
- First ends
- Jun 2050
Assumption
Assumption + second
$2,675/mo
+$652/mo- Down payment
- $43,564
- Funds due
- $57,076
- Interest + MI left
- $288,970
- First ends
- Jun 2050
New loan
New conventional
$3,155/mo
+$1,132/mo- Down payment
- $43,564
- Funds due
- $53,239
- Interest + MI left
- $565,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,436 | $305,436 | $386,436 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,563.04 | $1,563.04 | $2,617.85 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $77.29 |
| Taxes, insurance & HOA | $460.00 | $460.00 | $460.00 |
| Total housing payment | $2,023.04 | $2,674.79 | $3,155.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,564
Closing costs & prepaids$13,512
Usable credit−$0
Total buyer cash needed$57,076
Earnest money paid−$0
Remaining funds due$57,076
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,527.18
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)$516.00
Initial HOA (3 months)$414.00
Prepaid interest, first (6 days)$167.19
Prepaid interest, second (6 days)$119.84
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 3.33%
Interest already paid$71,800Through Dec 2026
Assumption only · ends Jun 2050$135,342
Assumption + second · ends Jun 2050, second Jan 2057$288,970
New conventional · ends Jan 2057$565,033