Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,850/mo
Lowest payment- Down payment
- $216,391
- Funds due
- $229,271
- Interest + MI left
- $87,276
- First ends
- Mar 2049
Assumption
Assumption + second
$3,083/mo
+$1,233/mo- Down payment
- $48,391
- Funds due
- $62,853
- Interest + MI left
- $363,057
- First ends
- Mar 2049
New loan
New conventional
$3,556/mo
+$1,706/mo- Down payment
- $48,391
- Funds due
- $59,255
- Interest + MI left
- $635,470
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,609 | $266,609 | $434,609 |
| Second mortgage | — | $168,000 | — |
| First P&I | $1,325.41 | $1,325.41 | $2,944.19 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $86.92 |
| Taxes, insurance & HOA | $524.50 | $524.50 | $524.50 |
| Total housing payment | $1,849.92 | $3,082.64 | $3,555.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,391
Closing costs & prepaids$14,461
Usable credit−$0
Total buyer cash needed$62,853
Earnest money paid−$0
Remaining funds due$62,853
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,830.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,333.04
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)$579.50
Initial HOA (3 months)$494.01
Prepaid interest, first (9 days)$175.52
Prepaid interest, second (9 days)$331.40
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 3 moOf the original 28-year loan at 2.67%
Interest already paid$44,666Through Dec 2026
Assumption only · ends Mar 2049$87,276
Assumption + second · ends Mar 2049, second Jan 2057$363,057
New conventional · ends Jan 2057$635,470