Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,341/mo
Lowest payment- Down payment
- $189,651
- Funds due
- $203,999
- Interest + MI left
- $149,976
- First ends
- Nov 2050
Assumption
Assumption + second
$3,309/mo
+$969/mo- Down payment
- $57,651
- Funds due
- $73,510
- Interest + MI left
- $366,661
- First ends
- Nov 2050
New loan
New conventional
$4,084/mo
+$1,743/mo- Down payment
- $57,651
- Funds due
- $69,342
- Interest + MI left
- $756,450
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,349 | $385,349 | $517,349 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,865.24 | $1,865.24 | $3,504.70 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $103.47 |
| Taxes, insurance & HOA | $475.67 | $475.67 | $475.67 |
| Total housing payment | $2,340.91 | $3,309.48 | $4,083.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,651
Closing costs & prepaids$15,859
Usable credit−$0
Total buyer cash needed$73,510
Earnest money paid−$0
Remaining funds due$73,510
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,926.74
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)$690.00
Initial HOA (3 months)$237.00
Prepaid interest, first (9 days)$276.50
Prepaid interest, second (9 days)$260.38
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 2.91%
Interest already paid$73,960Through Dec 2026
Assumption only · ends Nov 2050$149,976
Assumption + second · ends Nov 2050, second Jan 2057$366,661
New conventional · ends Jan 2057$756,450