Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,177/mo
Lowest payment- Down payment
- $101,764
- Funds due
- $113,546
- Interest + MI left
- $147,386
- First ends
- Jun 2049
Assumption
Assumption + second
$2,700/mo
+$523/mo- Down payment
- $36,764
- Funds due
- $49,828
- Interest + MI left
- $270,668
- First ends
- Jun 2049
New loan
New conventional
$3,000/mo
+$823/mo- Down payment
- $36,764
- Funds due
- $46,141
- Interest + MI left
- $497,639
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,135 | $263,135 | $328,135 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,514.84 | $1,514.84 | $2,271.94 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $65.63 |
| Taxes, insurance & HOA | $662.42 | $662.42 | $662.42 |
| Total housing payment | $2,177.26 | $2,700.26 | $2,999.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,764
Closing costs & prepaids$13,064
Usable credit−$0
Total buyer cash needed$49,828
Earnest money paid−$0
Remaining funds due$49,828
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,648.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,315.67
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)$611.75
Initial HOA (3 months)$925.50
Prepaid interest, first (2 days)$61.57
Prepaid interest, second (2 days)$32.05
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 closing22 yr 7 moOf the original 30-year loan at 4.270%
Interest already paid$90,756Through Nov 2026
Assumption only · ends Jun 2049$147,386
Assumption + second · ends Jun 2049, second Dec 2056$270,668
New conventional · ends Dec 2056$497,639