Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,633/mo
Lowest payment- Down payment
- $53,971
- Funds due
- $64,358
- Interest + MI left
- $77,121
- First ends
- Nov 2050
Assumption
Assumption + second
$1,859/mo
+$225/mo- Down payment
- $25,971
- Funds due
- $37,650
- Interest + MI left
- $130,227
- First ends
- Nov 2050
New loan
New conventional
$2,244/mo
+$610/mo- Down payment
- $25,971
- Funds due
- $34,496
- Interest + MI left
- $327,332
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,929 | $195,929 | $223,929 |
| Second mortgage | — | $28,000 | — |
| First P&I | $951.39 | $951.39 | $1,516.97 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $44.79 |
| Taxes, insurance & HOA | $682.00 | $682.00 | $682.00 |
| Total housing payment | $1,633.39 | $1,858.69 | $2,243.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,971
Closing costs & prepaids$11,679
Usable credit−$0
Total buyer cash needed$37,650
Earnest money paid−$0
Remaining funds due$37,650
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$979.64
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)$300.00
Initial HOA (3 months)$1,296.00
Prepaid interest, first (6 days)$94.69
Prepaid interest, second (6 days)$41.42
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 2.94%
Interest already paid$37,979Through Dec 2026
Assumption only · ends Nov 2050$77,121
Assumption + second · ends Nov 2050, second Jan 2057$130,227
New conventional · ends Jan 2057$327,332