Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,359/mo
Lowest payment- Down payment
- $156,642
- Funds due
- $170,094
- Interest + MI left
- $172,432
- First ends
- Jan 2050
Assumption
Assumption + second
$3,129/mo
+$770/mo- Down payment
- $51,642
- Funds due
- $66,483
- Interest + MI left
- $344,795
- First ends
- Jan 2050
New loan
New conventional
$3,674/mo
+$1,315/mo- Down payment
- $51,642
- Funds due
- $62,325
- Interest + MI left
- $677,506
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,358 | $358,358 | $463,358 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,916.21 | $1,916.21 | $3,138.95 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $92.67 |
| Taxes, insurance & HOA | $442.67 | $442.67 | $442.67 |
| Total housing payment | $2,358.88 | $3,129.33 | $3,674.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,642
Closing costs & prepaids$14,841
Usable credit−$0
Total buyer cash needed$66,483
Earnest money paid−$0
Remaining funds due$66,483
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,791.79
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)$618.00
Initial HOA (3 months)$210.00
Prepaid interest, first (6 days)$215.02
Prepaid interest, second (6 days)$138.08
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 1 moOf the original 30-year loan at 3.65%
Interest already paid$98,523Through Dec 2026
Assumption only · ends Jan 2050$172,432
Assumption + second · ends Jan 2050, second Jan 2057$344,795
New conventional · ends Jan 2057$677,506