Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,004/mo
Lowest payment- Down payment
- $208,121
- Funds due
- $221,407
- Interest + MI left
- $114,705
- First ends
- Nov 2050
Assumption
Assumption + second
$3,171/mo
+$1,167/mo- Down payment
- $49,121
- Funds due
- $63,866
- Interest + MI left
- $375,712
- First ends
- Nov 2050
New loan
New conventional
$3,698/mo
+$1,693/mo- Down payment
- $49,121
- Funds due
- $60,093
- Interest + MI left
- $644,638
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,879 | $281,879 | $440,879 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,381.83 | $1,381.83 | $2,986.67 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $88.18 |
| Taxes, insurance & HOA | $622.67 | $622.67 | $622.67 |
| Total housing payment | $2,004.49 | $3,171.18 | $3,697.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,121
Closing costs & prepaids$14,745
Usable credit−$0
Total buyer cash needed$63,866
Earnest money paid−$0
Remaining funds due$63,866
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%)$1,409.39
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)$780.00
Prepaid interest, first (6 days)$140.40
Prepaid interest, second (6 days)$209.10
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 3.03%
Interest already paid$56,252Through Dec 2026
Assumption only · ends Nov 2050$114,705
Assumption + second · ends Nov 2050, second Jan 2057$375,712
New conventional · ends Jan 2057$644,638