Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,977/mo
Lowest payment- Down payment
- $179,171
- Funds due
- $191,916
- Interest + MI left
- $101,129
- First ends
- Nov 2050
Assumption
Assumption + second
$2,968/mo
+$991/mo- Down payment
- $44,171
- Funds due
- $58,343
- Interest + MI left
- $322,739
- First ends
- Nov 2050
New loan
New conventional
$3,477/mo
+$1,499/mo- Down payment
- $44,171
- Funds due
- $54,719
- Interest + MI left
- $578,767
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,829 | $260,829 | $395,829 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,261.18 | $1,261.18 | $2,681.48 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | — | — | $79.17 |
| Taxes, insurance & HOA | $716.00 | $716.00 | $716.00 |
| Total housing payment | $1,977.18 | $2,967.76 | $3,476.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,171
Closing costs & prepaids$14,172
Usable credit−$0
Total buyer cash needed$58,343
Earnest money paid−$0
Remaining funds due$58,343
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,304.14
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)$528.00
Initial HOA (3 months)$1,170.00
Prepaid interest, first (6 days)$124.34
Prepaid interest, second (6 days)$177.53
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 2.9%
Interest already paid$49,895Through Dec 2026
Assumption only · ends Nov 2050$101,129
Assumption + second · ends Nov 2050, second Jan 2057$322,739
New conventional · ends Jan 2057$578,767