Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,859/mo
Lowest payment- Down payment
- $183,419
- Funds due
- $196,129
- Interest + MI left
- $112,764
- First ends
- Nov 2050
Assumption
Assumption + second
$2,857/mo
+$998/mo- Down payment
- $47,419
- Funds due
- $61,647
- Interest + MI left
- $336,015
- First ends
- Nov 2050
New loan
New conventional
$3,414/mo
+$1,555/mo- Down payment
- $47,419
- Funds due
- $57,970
- Interest + MI left
- $617,737
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,481 | $286,481 | $422,481 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,391.10 | $1,391.10 | $2,862.03 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $84.50 |
| Taxes, insurance & HOA | $467.67 | $467.67 | $467.67 |
| Total housing payment | $1,858.76 | $2,856.68 | $3,414.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,419
Closing costs & prepaids$14,228
Usable credit−$0
Total buyer cash needed$61,647
Earnest money paid−$0
Remaining funds due$61,647
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,432.41
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)$564.00
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$207.68
Prepaid interest, second (9 days)$268.27
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 2.94%
Interest already paid$55,531Through Dec 2026
Assumption only · ends Nov 2050$112,764
Assumption + second · ends Nov 2050, second Jan 2057$336,015
New conventional · ends Jan 2057$617,737