Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,635/mo
Lowest payment- Down payment
- $141,528
- Funds due
- $152,594
- Interest + MI left
- $108,373
- First ends
- Nov 2049
Assumption
Assumption + second
$2,398/mo
+$763/mo- Down payment
- $37,528
- Funds due
- $50,049
- Interest + MI left
- $279,095
- First ends
- Nov 2049
New loan
New conventional
$2,746/mo
+$1,111/mo- Down payment
- $37,528
- Funds due
- $46,651
- Interest + MI left
- $493,440
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,472 | $233,472 | $337,472 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,243.07 | $1,243.07 | $2,286.15 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | — | — | $67.49 |
| Taxes, insurance & HOA | $392.00 | $392.00 | $392.00 |
| Total housing payment | $1,635.07 | $2,398.19 | $2,745.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,528
Closing costs & prepaids$12,521
Usable credit−$0
Total buyer cash needed$50,049
Earnest money paid−$0
Remaining funds due$50,049
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,167.36
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)$450.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$204.94
Prepaid interest, second (9 days)$205.15
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 closing22 yr 11 moOf the original 30-year loan at 3.56%
Interest already paid$64,361Through Dec 2026
Assumption only · ends Nov 2049$108,373
Assumption + second · ends Nov 2049, second Jan 2057$279,095
New conventional · ends Jan 2057$493,440