Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,648/mo
Lowest payment- Down payment
- $221,858
- Funds due
- $237,456
- Interest + MI left
- $171,647
- First ends
- Nov 2050
Assumption
Assumption + second
$3,793/mo
+$1,145/mo- Down payment
- $65,858
- Funds due
- $83,014
- Interest + MI left
- $427,729
- First ends
- Nov 2050
New loan
New conventional
$4,632/mo
+$1,984/mo- Down payment
- $65,858
- Funds due
- $78,583
- Interest + MI left
- $853,966
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,042 | $428,042 | $584,042 |
| Second mortgage | — | $156,000 | — |
| First P&I | $2,089.51 | $2,089.51 | $3,956.50 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | — | — | $116.81 |
| Taxes, insurance & HOA | $558.67 | $558.67 | $558.67 |
| Total housing payment | $2,648.18 | $3,792.85 | $4,631.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,858
Closing costs & prepaids$17,157
Usable credit−$0
Total buyer cash needed$83,014
Earnest money paid−$0
Remaining funds due$83,014
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,140.21
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)$780.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$315.58
Prepaid interest, second (9 days)$307.73
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 2.99%
Interest already paid$84,333Through Dec 2026
Assumption only · ends Nov 2050$171,647
Assumption + second · ends Nov 2050, second Jan 2057$427,729
New conventional · ends Jan 2057$853,966