Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,046/mo
Lowest payment- Down payment
- $115,778
- Funds due
- $128,140
- Interest + MI left
- $132,542
- First ends
- Nov 2050
Assumption
Assumption + second
$2,610/mo
+$563/mo- Down payment
- $45,778
- Funds due
- $59,494
- Interest + MI left
- $265,307
- First ends
- Nov 2050
New loan
New conventional
$3,239/mo
+$1,193/mo- Down payment
- $45,778
- Funds due
- $55,532
- Interest + MI left
- $590,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,222 | $334,222 | $404,222 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,626.35 | $1,626.35 | $2,738.34 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $80.84 |
| Taxes, insurance & HOA | $420.00 | $420.00 | $420.00 |
| Total housing payment | $2,046.35 | $2,609.59 | $3,239.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,778
Closing costs & prepaids$13,715
Usable credit−$0
Total buyer cash needed$59,494
Earnest money paid−$0
Remaining funds due$59,494
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,671.11
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)$540.00
Initial HOA (3 months)$270.00
Prepaid interest, first (6 days)$162.62
Prepaid interest, second (6 days)$103.56
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 closing23 yr 11 moOf the original 30-year loan at 2.96%
Interest already paid$65,210Through Dec 2026
Assumption only · ends Nov 2050$132,542
Assumption + second · ends Nov 2050, second Jan 2057$265,307
New conventional · ends Jan 2057$590,959