Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,788/mo
Lowest payment- Down payment
- $147,756
- Funds due
- $159,130
- Interest + MI left
- $128,204
- First ends
- Dec 2049
Assumption
Assumption + second
$2,566/mo
+$778/mo- Down payment
- $41,756
- Funds due
- $54,404
- Interest + MI left
- $302,209
- First ends
- Dec 2049
New loan
New conventional
$3,029/mo
+$1,240/mo- Down payment
- $41,756
- Funds due
- $50,620
- Interest + MI left
- $569,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,744 | $269,744 | $375,744 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,436.63 | $1,436.63 | $2,601.58 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $75.15 |
| Taxes, insurance & HOA | $351.83 | $351.83 | $351.83 |
| Total housing payment | $1,788.46 | $2,566.26 | $3,028.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,756
Closing costs & prepaids$12,647
Usable credit−$0
Total buyer cash needed$54,404
Earnest money paid−$0
Remaining funds due$54,404
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,175.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,348.72
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)$543.00
Initial HOA (3 months)$62.49
Prepaid interest, first (1 days)$26.68
Prepaid interest, second (1 days)$23.23
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 yr 1 moOf the original 30-year loan at 3.610%
Interest already paid$73,384Through Nov 2026
Assumption only · ends Dec 2049$128,204
Assumption + second · ends Dec 2049, second Dec 2056$302,209
New conventional · ends Dec 2056$569,841