Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,686/mo
Lowest payment- Down payment
- $177,321
- Funds due
- $188,999
- Interest + MI left
- $106,032
- First ends
- Aug 2050
Assumption
Assumption + second
$2,662/mo
+$976/mo- Down payment
- $44,321
- Funds due
- $57,279
- Interest + MI left
- $324,358
- First ends
- Aug 2050
New loan
New conventional
$3,210/mo
+$1,525/mo- Down payment
- $44,321
- Funds due
- $53,509
- Interest + MI left
- $599,922
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,579 | $262,579 | $395,579 |
| Second mortgage | — | $133,000 | — |
| First P&I | $1,293.37 | $1,293.37 | $2,738.91 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $79.12 |
| Taxes, insurance & HOA | $392.34 | $392.34 | $392.34 |
| Total housing payment | $1,685.71 | $2,661.62 | $3,210.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,321
Closing costs & prepaids$12,958
Usable credit−$0
Total buyer cash needed$57,279
Earnest money paid−$0
Remaining funds due$57,279
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,312.90
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)$452.00
Initial HOA (3 months)$275.01
Prepaid interest, first (1 days)$21.80
Prepaid interest, second (1 days)$29.15
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 9 moOf the original 30-year loan at 3.030%
Interest already paid$53,982Through Nov 2026
Assumption only · ends Aug 2050$106,032
Assumption + second · ends Aug 2050, second Dec 2056$324,358
New conventional · ends Dec 2056$599,922