Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,886/mo
Lowest payment- Down payment
- $39,595
- Funds due
- $50,634
- Interest + MI left
- $101,897
- First ends
- Nov 2050
Assumption
Assumption + second
$2,140/mo
+$255/mo- Down payment
- $14,595
- Funds due
- $26,941
- Interest + MI left
- $168,607
- First ends
- Nov 2050
New loan
New conventional
$2,579/mo
+$693/mo- Down payment
- $14,595
- Funds due
- $23,677
- Interest + MI left
- $404,175
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,405 | $250,405 | $275,405 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,227.54 | $1,227.54 | $1,865.69 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $55.08 |
| Taxes, insurance & HOA | $658.00 | $658.00 | $658.00 |
| Total housing payment | $1,885.54 | $2,140.29 | $2,578.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,595
Closing costs & prepaids$12,346
Usable credit−$0
Total buyer cash needed$26,941
Earnest money paid−$0
Remaining funds due$26,941
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,252.03
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)$348.00
Initial HOA (3 months)$1,176.00
Prepaid interest, first (7 days)$145.51
Prepaid interest, second (7 days)$56.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3.03%
Interest already paid$49,971Through Dec 2026
Assumption only · ends Nov 2050$101,897
Assumption + second · ends Nov 2050, second Jan 2057$168,607
New conventional · ends Jan 2057$404,175