Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,483/mo
Lowest payment- Down payment
- $126,237
- Funds due
- $136,904
- Interest + MI left
- $81,530
- First ends
- Sep 2050
Assumption
Assumption + second
$2,215/mo
+$732/mo- Down payment
- $35,237
- Funds due
- $47,199
- Interest + MI left
- $254,124
- First ends
- Sep 2050
New loan
New conventional
$2,658/mo
+$1,175/mo- Down payment
- $35,237
- Funds due
- $43,734
- Interest + MI left
- $477,359
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,763 | $223,763 | $314,763 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,067.46 | $1,067.46 | $2,179.36 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $62.95 |
| Taxes, insurance & HOA | $415.42 | $415.42 | $415.42 |
| Total housing payment | $1,482.87 | $2,215.08 | $2,657.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,237
Closing costs & prepaids$11,962
Usable credit−$0
Total buyer cash needed$47,199
Earnest money paid−$0
Remaining funds due$47,199
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,118.81
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)$421.25
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$33.72
Prepaid interest, second (2 days)$44.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 2.750%
Interest already paid$41,278Through Nov 2026
Assumption only · ends Sep 2050$81,530
Assumption + second · ends Sep 2050, second Dec 2056$254,124
New conventional · ends Dec 2056$477,359