Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,477/mo
Lowest payment- Down payment
- $186,291
- Funds due
- $197,634
- Interest + MI left
- $93,568
- First ends
- Nov 2050
Assumption
Assumption + second
$2,527/mo
+$1,049/mo- Down payment
- $43,291
- Funds due
- $56,166
- Interest + MI left
- $328,310
- First ends
- Nov 2050
New loan
New conventional
$2,981/mo
+$1,504/mo- Down payment
- $43,291
- Funds due
- $52,718
- Interest + MI left
- $557,899
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,609 | $238,609 | $381,609 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,157.41 | $1,157.41 | $2,585.15 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | — | — | $76.32 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,477.41 | $2,526.70 | $2,981.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,291
Closing costs & prepaids$12,875
Usable credit−$0
Total buyer cash needed$56,166
Earnest money paid−$0
Remaining funds due$56,166
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,193.04
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)$510.00
Prepaid interest, first (9 days)$172.39
Prepaid interest, second (9 days)$282.08
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 2.93%
Interest already paid$46,100Through Dec 2026
Assumption only · ends Nov 2050$93,568
Assumption + second · ends Nov 2050, second Jan 2057$328,310
New conventional · ends Jan 2057$557,899