Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,485/mo
Lowest payment- Down payment
- $341,284
- Funds due
- $354,363
- Interest + MI left
- $79,285
- First ends
- Nov 2050
Assumption
Assumption + second
$3,534/mo
+$2,049/mo- Down payment
- $55,284
- Funds due
- $70,159
- Interest + MI left
- $530,903
- First ends
- Nov 2050
New loan
New conventional
$3,914/mo
+$2,429/mo- Down payment
- $55,284
- Funds due
- $66,719
- Interest + MI left
- $716,046
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,716 | $203,716 | $489,716 |
| Second mortgage | — | $286,000 | — |
| First P&I | $986.07 | $986.07 | $3,317.51 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | — | — | $97.94 |
| Taxes, insurance & HOA | $498.67 | $498.67 | $498.67 |
| Total housing payment | $1,484.73 | $3,533.67 | $3,914.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,284
Closing costs & prepaids$14,875
Usable credit−$0
Total buyer cash needed$70,159
Earnest money paid−$0
Remaining funds due$70,159
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,018.58
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)$654.00
Initial HOA (3 months)$342.00
Prepaid interest, first (9 days)$146.17
Prepaid interest, second (9 days)$546.53
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$39,099Through Dec 2026
Assumption only · ends Nov 2050$79,285
Assumption + second · ends Nov 2050, second Jan 2057$530,903
New conventional · ends Jan 2057$716,046