Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,849/mo
Lowest payment- Down payment
- $123,670
- Funds due
- $135,353
- Interest + MI left
- $81,526
- First ends
- Nov 2050
Assumption
Assumption + second
$2,574/mo
+$724/mo- Down payment
- $33,670
- Funds due
- $46,648
- Interest + MI left
- $252,224
- First ends
- Nov 2050
New loan
New conventional
$2,961/mo
+$1,111/mo- Down payment
- $33,670
- Funds due
- $43,278
- Interest + MI left
- $449,345
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,330 | $206,330 | $296,330 |
| Second mortgage | — | $90,000 | — |
| First P&I | $999.50 | $999.50 | $2,051.73 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $59.27 |
| Taxes, insurance & HOA | $850.00 | $850.00 | $850.00 |
| Total housing payment | $1,849.50 | $2,573.66 | $2,961.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,670
Closing costs & prepaids$12,977
Usable credit−$0
Total buyer cash needed$46,648
Earnest money paid−$0
Remaining funds due$46,648
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,031.65
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)$825.00
Initial HOA (3 months)$1,275.00
Prepaid interest, first (2 days)$33.24
Prepaid interest, second (2 days)$44.38
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 closing24 yrOf the original 30-year loan at 2.940%
Interest already paid$39,393Through Nov 2026
Assumption only · ends Nov 2050$81,526
Assumption + second · ends Nov 2050, second Dec 2056$252,224
New conventional · ends Dec 2056$449,345