Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,113/mo
Lowest payment- Down payment
- $198,582
- Funds due
- $211,530
- Interest + MI left
- $147,293
- First ends
- Nov 2049
Assumption
Assumption + second
$3,207/mo
+$1,093/mo- Down payment
- $49,582
- Funds due
- $63,813
- Interest + MI left
- $391,884
- First ends
- Nov 2049
New loan
New conventional
$3,679/mo
+$1,565/mo- Down payment
- $49,582
- Funds due
- $59,818
- Interest + MI left
- $675,506
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,418 | $296,418 | $445,418 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,607.65 | $1,607.65 | $3,083.98 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $89.08 |
| Taxes, insurance & HOA | $505.67 | $505.67 | $505.67 |
| Total housing payment | $2,113.32 | $3,206.63 | $3,678.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,582
Closing costs & prepaids$14,230
Usable credit−$0
Total buyer cash needed$63,813
Earnest money paid−$0
Remaining funds due$63,813
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,482.09
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)$892.00
Initial HOA (3 months)$125.01
Prepaid interest, first (1 days)$30.62
Prepaid interest, second (1 days)$32.66
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 closing23 yrOf the original 30-year loan at 3.770%
Interest already paid$85,172Through Nov 2026
Assumption only · ends Nov 2049$147,293
Assumption + second · ends Nov 2049, second Dec 2056$391,884
New conventional · ends Dec 2056$675,506