Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,073/mo
Lowest payment- Down payment
- $139,505
- Funds due
- $152,476
- Interest + MI left
- $126,681
- First ends
- Nov 2050
Assumption
Assumption + second
$2,821/mo
+$748/mo- Down payment
- $46,505
- Funds due
- $60,933
- Interest + MI left
- $303,068
- First ends
- Nov 2050
New loan
New conventional
$3,416/mo
+$1,343/mo- Down payment
- $46,505
- Funds due
- $57,098
- Interest + MI left
- $611,909
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,495 | $325,495 | $418,495 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,575.52 | $1,575.52 | $2,835.03 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $83.70 |
| Taxes, insurance & HOA | $497.34 | $497.34 | $497.34 |
| Total housing payment | $2,072.86 | $2,821.16 | $3,416.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,505
Closing costs & prepaids$14,427
Usable credit−$0
Total buyer cash needed$60,933
Earnest money paid−$0
Remaining funds due$60,933
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,627.47
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)$558.00
Initial HOA (3 months)$434.01
Prepaid interest, first (9 days)$233.55
Prepaid interest, second (9 days)$206.38
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$62,472Through Dec 2026
Assumption only · ends Nov 2050$126,681
Assumption + second · ends Nov 2050, second Jan 2057$303,068
New conventional · ends Jan 2057$611,909