Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,169/mo
Lowest payment- Down payment
- $144,186
- Funds due
- $157,399
- Interest + MI left
- $146,091
- First ends
- Oct 2050
Assumption
Assumption + second
$2,917/mo
+$748/mo- Down payment
- $51,186
- Funds due
- $65,786
- Interest + MI left
- $322,478
- First ends
- Oct 2050
New loan
New conventional
$3,578/mo
+$1,410/mo- Down payment
- $51,186
- Funds due
- $61,627
- Interest + MI left
- $670,716
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,714 | $365,714 | $458,714 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,789.53 | $1,789.53 | $3,107.49 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $91.74 |
| Taxes, insurance & HOA | $379.00 | $379.00 | $379.00 |
| Total housing payment | $2,168.52 | $2,916.82 | $3,578.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,186
Closing costs & prepaids$14,600
Usable credit−$0
Total buyer cash needed$65,786
Earnest money paid−$0
Remaining funds due$65,786
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,828.57
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)$612.00
Initial HOA (3 months)$24.99
Prepaid interest, first (6 days)$179.75
Prepaid interest, second (6 days)$137.59
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 10 moOf the original 30-year loan at 2.99%
Interest already paid$73,139Through Dec 2026
Assumption only · ends Oct 2050$146,091
Assumption + second · ends Oct 2050, second Jan 2057$322,478
New conventional · ends Jan 2057$670,716