Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,873/mo
Lowest payment- Down payment
- $214,478
- Funds due
- $227,081
- Interest + MI left
- $130,300
- First ends
- Nov 2049
Assumption
Assumption + second
$3,084/mo
+$1,211/mo- Down payment
- $49,478
- Funds due
- $63,548
- Interest + MI left
- $401,156
- First ends
- Nov 2049
New loan
New conventional
$3,470/mo
+$1,597/mo- Down payment
- $49,478
- Funds due
- $59,771
- Interest + MI left
- $644,116
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,522 | $275,522 | $440,522 |
| Second mortgage | — | $165,000 | — |
| First P&I | $1,475.71 | $1,475.71 | $2,984.25 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | — | — | $88.10 |
| Taxes, insurance & HOA | $397.67 | $397.67 | $397.67 |
| Total housing payment | $1,873.38 | $3,084.09 | $3,470.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,478
Closing costs & prepaids$14,070
Usable credit−$0
Total buyer cash needed$63,548
Earnest money paid−$0
Remaining funds due$63,548
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,377.61
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)$588.00
Initial HOA (3 months)$105.00
Prepaid interest, first (6 days)$163.95
Prepaid interest, second (6 days)$216.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing22 yr 11 moOf the original 30-year loan at 3.62%
Interest already paid$77,173Through Dec 2026
Assumption only · ends Nov 2049$130,300
Assumption + second · ends Nov 2049, second Jan 2057$401,156
New conventional · ends Jan 2057$644,116