Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,243/mo
Lowest payment- Down payment
- $272,041
- Funds due
- $283,440
- Interest + MI left
- $62,175
- First ends
- Nov 2050
Assumption
Assumption + second
$2,883/mo
+$1,641/mo- Down payment
- $43,041
- Funds due
- $56,127
- Interest + MI left
- $423,786
- First ends
- Nov 2050
New loan
New conventional
$3,174/mo
+$1,932/mo- Down payment
- $43,041
- Funds due
- $52,997
- Interest + MI left
- $565,798
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,959 | $157,959 | $386,959 |
| Second mortgage | — | $229,000 | — |
| First P&I | $767.02 | $767.02 | $2,621.40 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | — | — | $77.39 |
| Taxes, insurance & HOA | $475.50 | $475.50 | $475.50 |
| Total housing payment | $1,242.52 | $2,883.10 | $3,174.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,041
Closing costs & prepaids$13,086
Usable credit−$0
Total buyer cash needed$56,127
Earnest money paid−$0
Remaining funds due$56,127
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$789.80
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)$516.00
Initial HOA (3 months)$460.50
Prepaid interest, first (9 days)$114.51
Prepaid interest, second (9 days)$437.61
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$30,619Through Dec 2026
Assumption only · ends Nov 2050$62,175
Assumption + second · ends Nov 2050, second Jan 2057$423,786
New conventional · ends Jan 2057$565,798