Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,715/mo
Lowest payment- Down payment
- $126,903
- Funds due
- $138,265
- Interest + MI left
- $118,669
- First ends
- Nov 2050
Assumption
Assumption + second
$2,391/mo
+$676/mo- Down payment
- $42,903
- Funds due
- $55,556
- Interest + MI left
- $277,987
- First ends
- Nov 2050
New loan
New conventional
$2,990/mo
+$1,275/mo- Down payment
- $42,903
- Funds due
- $51,658
- Interest + MI left
- $579,476
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,097 | $298,097 | $382,097 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,447.10 | $1,447.10 | $2,645.56 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $76.42 |
| Taxes, insurance & HOA | $268.08 | $268.08 | $268.08 |
| Total housing payment | $1,715.19 | $2,391.07 | $2,990.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,903
Closing costs & prepaids$12,653
Usable credit−$0
Total buyer cash needed$55,556
Earnest money paid−$0
Remaining funds due$55,556
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,490.48
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)$354.25
Prepaid interest, first (2 days)$48.35
Prepaid interest, second (2 days)$41.42
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 yrOf the original 30-year loan at 2.960%
Interest already paid$57,288Through Nov 2026
Assumption only · ends Nov 2050$118,669
Assumption + second · ends Nov 2050, second Dec 2056$277,987
New conventional · ends Dec 2056$579,476