Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,873/mo
Lowest payment- Down payment
- $173,028
- Funds due
- $185,511
- Interest + MI left
- $119,316
- First ends
- Nov 2050
Assumption
Assumption + second
$2,790/mo
+$917/mo- Down payment
- $48,028
- Funds due
- $61,788
- Interest + MI left
- $324,510
- First ends
- Nov 2050
New loan
New conventional
$3,452/mo
+$1,579/mo- Down payment
- $48,028
- Funds due
- $57,790
- Interest + MI left
- $647,446
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,972 | $301,972 | $426,972 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,462.81 | $1,462.81 | $2,956.27 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | — | — | $85.39 |
| Taxes, insurance & HOA | $410.17 | $410.17 | $410.17 |
| Total housing payment | $1,872.98 | $2,790.18 | $3,451.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,028
Closing costs & prepaids$13,760
Usable credit−$0
Total buyer cash needed$61,788
Earnest money paid−$0
Remaining funds due$61,788
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,509.86
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)$643.00
Initial HOA (3 months)$87.51
Prepaid interest, first (1 days)$24.32
Prepaid interest, second (1 days)$27.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.940%
Interest already paid$57,654Through Nov 2026
Assumption only · ends Nov 2050$119,316
Assumption + second · ends Nov 2050, second Dec 2056$324,510
New conventional · ends Dec 2056$647,446