Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,850/mo
Lowest payment- Down payment
- $187,741
- Funds due
- $199,443
- Interest + MI left
- $144,499
- First ends
- Jul 2049
Assumption
Assumption + second
$2,892/mo
+$1,042/mo- Down payment
- $45,741
- Funds due
- $58,755
- Interest + MI left
- $377,600
- First ends
- Jul 2049
New loan
New conventional
$3,233/mo
+$1,383/mo- Down payment
- $45,741
- Funds due
- $54,987
- Interest + MI left
- $612,247
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,759 | $261,759 | $403,759 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,493.60 | $1,493.60 | $2,795.55 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $80.75 |
| Taxes, insurance & HOA | $356.59 | $356.59 | $356.59 |
| Total housing payment | $1,850.18 | $2,892.13 | $3,232.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,741
Closing costs & prepaids$13,014
Usable credit−$0
Total buyer cash needed$58,755
Earnest money paid−$0
Remaining funds due$58,755
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,308.79
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)$593.75
Initial HOA (3 months)$26.01
Prepaid interest, first (2 days)$60.24
Prepaid interest, second (2 days)$62.25
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 8 moOf the original 30-year loan at 4.200%
Interest already paid$87,767Through Nov 2026
Assumption only · ends Jul 2049$144,499
Assumption + second · ends Jul 2049, second Dec 2056$377,600
New conventional · ends Dec 2056$612,247