Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,679/mo
Lowest payment- Down payment
- $170,352
- Funds due
- $181,812
- Interest + MI left
- $81,858
- First ends
- Apr 2050
Assumption
Assumption + second
$2,677/mo
+$998/mo- Down payment
- $34,352
- Funds due
- $47,241
- Interest + MI left
- $305,109
- First ends
- Apr 2050
New loan
New conventional
$2,913/mo
+$1,233/mo- Down payment
- $34,352
- Funds due
- $44,087
- Interest + MI left
- $446,908
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,648 | $169,648 | $305,648 |
| Second mortgage | — | $136,000 | — |
| First P&I | $898.24 | $898.24 | $2,070.57 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $61.13 |
| Taxes, insurance & HOA | $781.00 | $781.00 | $781.00 |
| Total housing payment | $1,679.24 | $2,677.16 | $2,912.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,352
Closing costs & prepaids$12,889
Usable credit−$0
Total buyer cash needed$47,241
Earnest money paid−$0
Remaining funds due$47,241
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$848.24
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)$408.00
Initial HOA (3 months)$1,485.00
Prepaid interest, first (6 days)$100.95
Prepaid interest, second (6 days)$178.85
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 4 moOf the original 30-year loan at 3.62%
Interest already paid$44,426Through Dec 2026
Assumption only · ends Apr 2050$81,858
Assumption + second · ends Apr 2050, second Jan 2057$305,109
New conventional · ends Jan 2057$446,908