Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,647/mo
Lowest payment- Down payment
- $211,401
- Funds due
- $223,694
- Interest + MI left
- $101,704
- First ends
- Oct 2050
Assumption
Assumption + second
$2,851/mo
+$1,203/mo- Down payment
- $47,401
- Funds due
- $61,268
- Interest + MI left
- $370,918
- First ends
- Oct 2050
New loan
New conventional
$3,321/mo
+$1,674/mo- Down payment
- $47,401
- Funds due
- $57,707
- Interest + MI left
- $611,977
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,599 | $254,599 | $418,599 |
| Second mortgage | — | $164,000 | — |
| First P&I | $1,245.81 | $1,245.81 | $2,835.74 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | — | — | $83.72 |
| Taxes, insurance & HOA | $401.41 | $401.41 | $401.41 |
| Total housing payment | $1,647.23 | $2,850.60 | $3,320.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,401
Closing costs & prepaids$13,866
Usable credit−$0
Total buyer cash needed$61,268
Earnest money paid−$0
Remaining funds due$61,268
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,660.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,272.99
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)$559.25
Initial HOA (3 months)$144.99
Prepaid interest, first (9 days)$187.71
Prepaid interest, second (9 days)$323.51
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 10 moOf the original 30-year loan at 2.99%
Interest already paid$50,917Through Dec 2026
Assumption only · ends Oct 2050$101,704
Assumption + second · ends Oct 2050, second Jan 2057$370,918
New conventional · ends Jan 2057$611,977