Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,374/mo
Lowest payment- Down payment
- $300,936
- Funds due
- $313,190
- Interest + MI left
- $77,772
- First ends
- Jan 2051
Assumption
Assumption + second
$3,165/mo
+$1,791/mo- Down payment
- $50,936
- Funds due
- $64,547
- Interest + MI left
- $472,543
- First ends
- Jan 2051
New loan
New conventional
$3,619/mo
+$2,244/mo- Down payment
- $50,936
- Funds due
- $61,043
- Interest + MI left
- $680,946
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,064 | $199,064 | $449,064 |
| Second mortgage | — | $250,000 | — |
| First P&I | $954.61 | $954.61 | $3,109.23 |
| Second P&I | — | $1,791.03 | — |
| Mortgage insurance | — | — | $89.81 |
| Taxes, insurance & HOA | $419.83 | $419.83 | $419.83 |
| Total housing payment | $1,374.44 | $3,165.47 | $3,618.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,936
Closing costs & prepaids$13,611
Usable credit−$0
Total buyer cash needed$64,547
Earnest money paid−$0
Remaining funds due$64,547
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$995.32
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)$477.50
Initial HOA (3 months)$282.00
Prepaid interest, first (2 days)$31.52
Prepaid interest, second (2 days)$106.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing24 yr 2 moOf the original 30-year loan at 2.890%
Interest already paid$36,245Through Nov 2026
Assumption only · ends Jan 2051$77,772
Assumption + second · ends Jan 2051, second Dec 2056$472,543
New conventional · ends Dec 2056$680,946