Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,952/mo
Lowest payment- Down payment
- $171,967
- Funds due
- $184,287
- Interest + MI left
- $112,132
- First ends
- Nov 2049
Assumption
Assumption + second
$2,877/mo
+$925/mo- Down payment
- $45,967
- Funds due
- $59,593
- Interest + MI left
- $318,968
- First ends
- Nov 2049
New loan
New conventional
$3,417/mo
+$1,465/mo- Down payment
- $45,967
- Funds due
- $55,761
- Interest + MI left
- $612,661
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,032 | $278,032 | $404,032 |
| Second mortgage | — | $126,000 | — |
| First P&I | $1,413.64 | $1,413.64 | $2,797.44 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | — | — | $80.81 |
| Taxes, insurance & HOA | $538.33 | $538.33 | $538.33 |
| Total housing payment | $1,951.97 | $2,876.51 | $3,416.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,967
Closing costs & prepaids$13,626
Usable credit−$0
Total buyer cash needed$59,593
Earnest money paid−$0
Remaining funds due$59,593
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,390.16
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)$1,125.00
Initial HOA (3 months)$39.99
Prepaid interest, first (2 days)$47.61
Prepaid interest, second (2 days)$55.23
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 closing23 yrOf the original 30-year loan at 3.125%
Interest already paid$66,778Through Nov 2026
Assumption only · ends Nov 2049$112,132
Assumption + second · ends Nov 2049, second Dec 2056$318,968
New conventional · ends Dec 2056$612,661