Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,066/mo
Lowest payment- Down payment
- $301,792
- Funds due
- $316,344
- Interest + MI left
- $133,085
- First ends
- Nov 2050
Assumption
Assumption + second
$3,771/mo
+$1,705/mo- Down payment
- $63,792
- Funds due
- $80,048
- Interest + MI left
- $508,907
- First ends
- Nov 2050
New loan
New conventional
$4,425/mo
+$2,359/mo- Down payment
- $63,792
- Funds due
- $76,014
- Interest + MI left
- $835,054
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,108 | $333,108 | $571,108 |
| Second mortgage | — | $238,000 | — |
| First P&I | $1,624.37 | $1,624.37 | $3,868.88 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | — | — | $114.22 |
| Taxes, insurance & HOA | $441.50 | $441.50 | $441.50 |
| Total housing payment | $2,065.86 | $3,770.92 | $4,424.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,792
Closing costs & prepaids$16,257
Usable credit−$0
Total buyer cash needed$80,048
Earnest money paid−$0
Remaining funds due$80,048
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,665.54
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$762.00
Initial HOA (3 months)$62.49
Prepaid interest, first (9 days)$244.77
Prepaid interest, second (9 days)$454.81
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 2.98%
Interest already paid$65,417Through Dec 2026
Assumption only · ends Nov 2050$133,085
Assumption + second · ends Nov 2050, second Jan 2057$508,907
New conventional · ends Jan 2057$835,054