Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,014/mo
Lowest payment- Down payment
- $199,259
- Funds due
- $212,058
- Interest + MI left
- $146,361
- First ends
- Nov 2049
Assumption
Assumption + second
$3,107/mo
+$1,093/mo- Down payment
- $50,259
- Funds due
- $64,504
- Interest + MI left
- $390,953
- First ends
- Nov 2049
New loan
New conventional
$3,508/mo
+$1,494/mo- Down payment
- $50,259
- Funds due
- $60,625
- Interest + MI left
- $650,196
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,741 | $295,741 | $444,741 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,607.65 | $1,607.65 | $3,012.83 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $88.95 |
| Taxes, insurance & HOA | $406.34 | $406.34 | $406.34 |
| Total housing payment | $2,013.98 | $3,107.29 | $3,508.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,259
Closing costs & prepaids$14,245
Usable credit−$0
Total buyer cash needed$64,504
Earnest money paid−$0
Remaining funds due$64,504
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,478.71
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)$594.00
Initial HOA (3 months)$125.01
Prepaid interest, first (6 days)$183.28
Prepaid interest, second (6 days)$195.95
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 3.77%
Interest already paid$86,103Through Dec 2026
Assumption only · ends Nov 2049$146,361
Assumption + second · ends Nov 2049, second Jan 2057$390,953
New conventional · ends Jan 2057$650,196