Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,110/mo
Lowest payment- Down payment
- $244,337
- Funds due
- $257,888
- Interest + MI left
- $129,208
- First ends
- May 2050
Assumption
Assumption + second
$3,526/mo
+$1,416/mo- Down payment
- $51,337
- Funds due
- $66,180
- Interest + MI left
- $446,028
- First ends
- May 2050
New loan
New conventional
$3,977/mo
+$1,867/mo- Down payment
- $51,337
- Funds due
- $62,320
- Interest + MI left
- $695,593
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,663 | $265,663 | $458,663 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,400.25 | $1,400.25 | $3,175.69 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $91.73 |
| Taxes, insurance & HOA | $709.33 | $709.33 | $709.33 |
| Total housing payment | $2,109.59 | $3,525.75 | $3,976.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,337
Closing costs & prepaids$14,843
Usable credit−$0
Total buyer cash needed$66,180
Earnest money paid−$0
Remaining funds due$66,180
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,328.31
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)$887.00
Initial HOA (3 months)$741.00
Prepaid interest, first (1 days)$26.35
Prepaid interest, second (1 days)$42.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.620%
Interest already paid$67,655Through Nov 2026
Assumption only · ends May 2050$129,208
Assumption + second · ends May 2050, second Dec 2056$446,028
New conventional · ends Dec 2056$695,593