Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,859/mo
Lowest payment- Down payment
- $118,688
- Funds due
- $130,574
- Interest + MI left
- $120,530
- First ends
- Nov 2050
Assumption
Assumption + second
$2,470/mo
+$612/mo- Down payment
- $42,688
- Funds due
- $55,993
- Interest + MI left
- $264,675
- First ends
- Nov 2050
New loan
New conventional
$3,038/mo
+$1,179/mo- Down payment
- $42,688
- Funds due
- $52,278
- Interest + MI left
- $558,857
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,212 | $306,212 | $382,212 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,486.90 | $1,486.90 | $2,589.24 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $76.44 |
| Taxes, insurance & HOA | $372.00 | $372.00 | $372.00 |
| Total housing payment | $1,858.90 | $2,470.42 | $3,037.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,688
Closing costs & prepaids$13,305
Usable credit−$0
Total buyer cash needed$55,993
Earnest money paid−$0
Remaining funds due$55,993
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,531.06
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)$510.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$221.98
Prepaid interest, second (9 days)$168.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 2.94%
Interest already paid$59,356Through Dec 2026
Assumption only · ends Nov 2050$120,530
Assumption + second · ends Nov 2050, second Jan 2057$264,675
New conventional · ends Jan 2057$558,857