Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,495/mo
Lowest payment- Down payment
- $221,197
- Funds due
- $232,430
- Interest + MI left
- $107,149
- First ends
- Oct 2049
Assumption
Assumption + second
$2,794/mo
+$1,299/mo- Down payment
- $44,197
- Funds due
- $56,757
- Interest + MI left
- $397,704
- First ends
- Oct 2049
New loan
New conventional
$3,126/mo
+$1,631/mo- Down payment
- $44,197
- Funds due
- $53,221
- Interest + MI left
- $598,745
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,803 | $217,803 | $394,803 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,181.64 | $1,181.64 | $2,733.54 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $78.96 |
| Taxes, insurance & HOA | $313.59 | $313.59 | $313.59 |
| Total housing payment | $1,495.23 | $2,793.99 | $3,126.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,197
Closing costs & prepaids$12,560
Usable credit−$0
Total buyer cash needed$56,757
Earnest money paid−$0
Remaining funds due$56,757
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,089.01
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)$467.00
Initial HOA (3 months)$23.76
Prepaid interest, first (2 days)$44.75
Prepaid interest, second (2 days)$77.59
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 11 moOf the original 30-year loan at 3.750%
Interest already paid$63,091Through Nov 2026
Assumption only · ends Oct 2049$107,149
Assumption + second · ends Oct 2049, second Dec 2056$397,704
New conventional · ends Dec 2056$598,745