Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,351/mo
Lowest payment- Down payment
- $125,950
- Funds due
- $139,436
- Interest + MI left
- $142,912
- First ends
- Nov 2050
Assumption
Assumption + second
$2,971/mo
+$620/mo- Down payment
- $48,950
- Funds due
- $63,705
- Interest + MI left
- $288,954
- First ends
- Nov 2050
New loan
New conventional
$3,729/mo
+$1,378/mo- Down payment
- $48,950
- Funds due
- $59,399
- Interest + MI left
- $667,365
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,050 | $363,050 | $440,050 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,756.81 | $1,756.81 | $3,046.82 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $88.01 |
| Taxes, insurance & HOA | $594.67 | $594.67 | $594.67 |
| Total housing payment | $2,351.48 | $2,971.04 | $3,729.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,950
Closing costs & prepaids$14,755
Usable credit−$0
Total buyer cash needed$63,705
Earnest money paid−$0
Remaining funds due$63,705
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,815.25
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)$1,284.00
Prepaid interest, first (1 days)$29.14
Prepaid interest, second (1 days)$18.99
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 2.930%
Interest already paid$69,088Through Nov 2026
Assumption only · ends Nov 2050$142,912
Assumption + second · ends Nov 2050, second Dec 2056$288,954
New conventional · ends Dec 2056$667,365