Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,009/mo
Lowest payment- Down payment
- $269,454
- Funds due
- $282,851
- Interest + MI left
- $122,106
- First ends
- Sep 2049
Assumption
Assumption + second
$3,563/mo
+$1,555/mo- Down payment
- $52,454
- Funds due
- $67,194
- Interest + MI left
- $464,768
- First ends
- Sep 2049
New loan
New conventional
$3,962/mo
+$1,953/mo- Down payment
- $52,454
- Funds due
- $63,443
- Interest + MI left
- $701,390
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,546 | $245,546 | $462,546 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,341.80 | $1,341.80 | $3,202.58 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | — | — | $92.51 |
| Taxes, insurance & HOA | $667.00 | $667.00 | $667.00 |
| Total housing payment | $2,008.80 | $3,563.41 | $3,962.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,454
Closing costs & prepaids$14,740
Usable credit−$0
Total buyer cash needed$67,194
Earnest money paid−$0
Remaining funds due$67,194
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,227.73
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,221.00
Initial HOA (3 months)$279.99
Prepaid interest, first (2 days)$51.13
Prepaid interest, second (2 days)$92.15
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 10 moOf the original 30-year loan at 3.800%
Interest already paid$72,975Through Nov 2026
Assumption only · ends Sep 2049$122,106
Assumption + second · ends Sep 2049, second Dec 2056$464,768
New conventional · ends Dec 2056$701,390