Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,927/mo
Lowest payment- Down payment
- $118,586
- Funds due
- $130,382
- Interest + MI left
- $133,890
- First ends
- May 2050
Assumption
Assumption + second
$2,538/mo
+$612/mo- Down payment
- $42,586
- Funds due
- $55,745
- Interest + MI left
- $278,034
- First ends
- May 2050
New loan
New conventional
$3,027/mo
+$1,100/mo- Down payment
- $42,586
- Funds due
- $51,916
- Interest + MI left
- $559,153
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,414 | $306,414 | $382,414 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,566.92 | $1,566.92 | $2,590.61 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $76.48 |
| Taxes, insurance & HOA | $360.00 | $360.00 | $360.00 |
| Total housing payment | $1,926.92 | $2,538.43 | $3,027.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,586
Closing costs & prepaids$13,159
Usable credit−$0
Total buyer cash needed$55,745
Earnest money paid−$0
Remaining funds due$55,745
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,532.07
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)$510.00
Initial HOA (3 months)$120.00
Prepaid interest, first (6 days)$166.22
Prepaid interest, second (6 days)$112.44
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 3.3%
Interest already paid$72,420Through Dec 2026
Assumption only · ends May 2050$133,890
Assumption + second · ends May 2050, second Jan 2057$278,034
New conventional · ends Jan 2057$559,153