Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,051/mo
Lowest payment- Down payment
- $84,311
- Funds due
- $93,145
- Interest + MI left
- $58,646
- First ends
- Nov 2050
Assumption
Assumption + second
$1,542/mo
+$491/mo- Down payment
- $23,311
- Funds due
- $33,410
- Interest + MI left
- $174,341
- First ends
- Nov 2050
New loan
New conventional
$1,814/mo
+$763/mo- Down payment
- $23,311
- Funds due
- $30,420
- Interest + MI left
- $313,416
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,689 | $145,689 | $206,689 |
| Second mortgage | — | $61,000 | — |
| First P&I | $709.49 | $709.49 | $1,431.07 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | — | — | $41.34 |
| Taxes, insurance & HOA | $341.67 | $341.67 | $341.67 |
| Total housing payment | $1,051.16 | $1,541.98 | $1,814.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,311
Closing costs & prepaids$10,098
Usable credit−$0
Total buyer cash needed$33,410
Earnest money paid−$0
Remaining funds due$33,410
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$728.44
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)$575.00
Prepaid interest, first (1 days)$11.93
Prepaid interest, second (1 days)$15.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.990%
Interest already paid$28,272Through Nov 2026
Assumption only · ends Nov 2050$58,646
Assumption + second · ends Nov 2050, second Dec 2056$174,341
New conventional · ends Dec 2056$313,416