Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,216/mo
Lowest payment- Down payment
- $138,720
- Funds due
- $151,390
- Interest + MI left
- $141,555
- First ends
- Nov 2049
Assumption
Assumption + second
$2,972/mo
+$756/mo- Down payment
- $44,720
- Funds due
- $58,779
- Interest + MI left
- $319,840
- First ends
- Nov 2049
New loan
New conventional
$3,362/mo
+$1,146/mo- Down payment
- $44,720
- Funds due
- $54,931
- Interest + MI left
- $577,739
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,180 | $301,180 | $395,180 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,609.94 | $1,609.94 | $2,677.09 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | — | — | $79.04 |
| Taxes, insurance & HOA | $606.00 | $606.00 | $606.00 |
| Total housing payment | $2,215.94 | $2,972.29 | $3,362.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,720
Closing costs & prepaids$14,058
Usable credit−$0
Total buyer cash needed$58,779
Earnest money paid−$0
Remaining funds due$58,779
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,505.90
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)$840.00
Prepaid interest, first (6 days)$178.23
Prepaid interest, second (6 days)$139.07
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 closing22 yr 11 moOf the original 30-year loan at 3.6%
Interest already paid$83,915Through Dec 2026
Assumption only · ends Nov 2049$141,555
Assumption + second · ends Nov 2049, second Jan 2057$319,840
New conventional · ends Jan 2057$577,739