Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,587/mo
Lowest payment- Down payment
- $71,329
- Funds due
- $81,740
- Interest + MI left
- $69,276
- First ends
- Dec 2050
Assumption
Assumption + second
$1,958/mo
+$370/mo- Down payment
- $25,329
- Funds due
- $37,047
- Interest + MI left
- $156,522
- First ends
- Dec 2050
New loan
New conventional
$2,293/mo
+$706/mo- Down payment
- $25,329
- Funds due
- $33,951
- Interest + MI left
- $328,506
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,671 | $178,671 | $224,671 |
| Second mortgage | — | $46,000 | — |
| First P&I | $860.93 | $860.93 | $1,522.00 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | — | — | $44.93 |
| Taxes, insurance & HOA | $726.50 | $726.50 | $726.50 |
| Total housing payment | $1,587.43 | $1,957.56 | $2,293.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,329
Closing costs & prepaids$11,718
Usable credit−$0
Total buyer cash needed$37,047
Earnest money paid−$0
Remaining funds due$37,047
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$893.36
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)$637.50
Initial HOA (3 months)$1,092.00
Prepaid interest, first (5 days)$70.73
Prepaid interest, second (5 days)$56.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing24 yrOf the original 30-year loan at 2.89%
Interest already paid$33,552Through Dec 2026
Assumption only · ends Dec 2050$69,276
Assumption + second · ends Dec 2050, second Jan 2057$156,522
New conventional · ends Jan 2057$328,506