Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,617/mo
Lowest payment- Down payment
- $182,073
- Funds due
- $193,359
- Interest + MI left
- $97,064
- First ends
- Nov 2049
Assumption
Assumption + second
$2,659/mo
+$1,042/mo- Down payment
- $40,073
- Funds due
- $52,640
- Interest + MI left
- $330,164
- First ends
- Nov 2049
New loan
New conventional
$3,023/mo
+$1,405/mo- Down payment
- $40,073
- Funds due
- $49,152
- Interest + MI left
- $538,200
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,927 | $212,927 | $354,927 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,123.15 | $1,123.15 | $2,457.44 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $70.99 |
| Taxes, insurance & HOA | $494.17 | $494.17 | $494.17 |
| Total housing payment | $1,617.32 | $2,659.27 | $3,022.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,073
Closing costs & prepaids$12,567
Usable credit−$0
Total buyer cash needed$52,640
Earnest money paid−$0
Remaining funds due$52,640
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,064.63
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)$987.50
Initial HOA (3 months)$45.00
Prepaid interest, first (1 days)$20.36
Prepaid interest, second (1 days)$31.12
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 closing23 yrOf the original 30-year loan at 3.490%
Interest already paid$56,840Through Nov 2026
Assumption only · ends Nov 2049$97,064
Assumption + second · ends Nov 2049, second Dec 2056$330,164
New conventional · ends Dec 2056$538,200