Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,761/mo
Lowest payment- Down payment
- $135,798
- Funds due
- $147,241
- Interest + MI left
- $92,335
- First ends
- May 2050
Assumption
Assumption + second
$2,502/mo
+$741/mo- Down payment
- $34,798
- Funds due
- $47,624
- Interest + MI left
- $258,132
- First ends
- May 2050
New loan
New conventional
$2,851/mo
+$1,090/mo- Down payment
- $34,798
- Funds due
- $44,305
- Interest + MI left
- $453,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,202 | $209,202 | $310,202 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,073.09 | $1,073.09 | $2,101.42 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $62.04 |
| Taxes, insurance & HOA | $688.00 | $688.00 | $688.00 |
| Total housing payment | $1,761.09 | $2,502.19 | $2,851.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,798
Closing costs & prepaids$12,825
Usable credit−$0
Total buyer cash needed$47,624
Earnest money paid−$0
Remaining funds due$47,624
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,046.01
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)$414.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (6 days)$114.52
Prepaid interest, second (6 days)$132.82
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 5 moOf the original 30-year loan at 3.33%
Interest already paid$49,875Through Dec 2026
Assumption only · ends May 2050$92,335
Assumption + second · ends May 2050, second Jan 2057$258,132
New conventional · ends Jan 2057$453,567