Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,470/mo
Lowest payment- Down payment
- $194,824
- Funds due
- $206,191
- Interest + MI left
- $88,252
- First ends
- Nov 2050
Assumption
Assumption + second
$2,593/mo
+$1,123/mo- Down payment
- $41,824
- Funds due
- $54,743
- Interest + MI left
- $339,409
- First ends
- Nov 2050
New loan
New conventional
$2,998/mo
+$1,528/mo- Down payment
- $41,824
- Funds due
- $51,378
- Interest + MI left
- $545,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,076 | $220,076 | $373,076 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,074.31 | $1,074.31 | $2,527.35 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $74.62 |
| Taxes, insurance & HOA | $396.00 | $396.00 | $396.00 |
| Total housing payment | $1,470.31 | $2,592.97 | $2,997.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,824
Closing costs & prepaids$12,919
Usable credit−$0
Total buyer cash needed$54,743
Earnest money paid−$0
Remaining funds due$54,743
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,100.38
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)$498.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$162.25
Prepaid interest, second (9 days)$301.81
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 2.99%
Interest already paid$43,359Through Dec 2026
Assumption only · ends Nov 2050$88,252
Assumption + second · ends Nov 2050, second Jan 2057$339,409
New conventional · ends Jan 2057$545,499