Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,741/mo
Lowest payment- Down payment
- $136,499
- Funds due
- $147,836
- Interest + MI left
- $75,677
- First ends
- Aug 2050
Assumption
Assumption + second
$2,511/mo
+$770/mo- Down payment
- $31,499
- Funds due
- $44,109
- Interest + MI left
- $248,040
- First ends
- Aug 2050
New loan
New conventional
$2,840/mo
+$1,099/mo- Down payment
- $31,499
- Funds due
- $40,916
- Interest + MI left
- $417,706
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,501 | $170,501 | $275,501 |
| Second mortgage | — | $105,000 | — |
| First P&I | $863.78 | $863.78 | $1,907.51 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $55.10 |
| Taxes, insurance & HOA | $877.08 | $877.08 | $877.08 |
| Total housing payment | $1,740.87 | $2,511.32 | $2,839.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,499
Closing costs & prepaids$12,610
Usable credit−$0
Total buyer cash needed$44,109
Earnest money paid−$0
Remaining funds due$44,109
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,070.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$852.50
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)$225.25
Initial HOA (3 months)$1,956.00
Prepaid interest, first (1 days)$15.42
Prepaid interest, second (1 days)$23.01
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 3.300%
Interest already paid$38,054Through Nov 2026
Assumption only · ends Aug 2050$75,677
Assumption + second · ends Aug 2050, second Dec 2056$248,040
New conventional · ends Dec 2056$417,706