Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,569/mo
Lowest payment- Down payment
- $196,873
- Funds due
- $208,552
- Interest + MI left
- $97,768
- First ends
- Oct 2050
Assumption
Assumption + second
$2,677/mo
+$1,108/mo- Down payment
- $45,873
- Funds due
- $59,001
- Interest + MI left
- $345,642
- First ends
- Oct 2050
New loan
New conventional
$3,160/mo
+$1,592/mo- Down payment
- $45,873
- Funds due
- $55,391
- Interest + MI left
- $590,820
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,127 | $253,127 | $404,127 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,226.90 | $1,226.90 | $2,737.70 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $80.83 |
| Taxes, insurance & HOA | $341.67 | $341.67 | $341.67 |
| Total housing payment | $1,568.57 | $2,676.56 | $3,160.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,873
Closing costs & prepaids$13,128
Usable credit−$0
Total buyer cash needed$59,001
Earnest money paid−$0
Remaining funds due$59,001
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%)$1,265.63
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)$35.01
Prepaid interest, first (6 days)$120.67
Prepaid interest, second (6 days)$198.58
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 2.9%
Interest already paid$49,152Through Dec 2026
Assumption only · ends Oct 2050$97,768
Assumption + second · ends Oct 2050, second Jan 2057$345,642
New conventional · ends Jan 2057$590,820