Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,732/mo
Lowest payment- Down payment
- $189,829
- Funds due
- $202,053
- Interest + MI left
- $107,552
- First ends
- Nov 2050
Assumption
Assumption + second
$2,781/mo
+$1,049/mo- Down payment
- $46,829
- Funds due
- $60,366
- Interest + MI left
- $342,294
- First ends
- Nov 2050
New loan
New conventional
$3,364/mo
+$1,632/mo- Down payment
- $46,829
- Funds due
- $56,564
- Interest + MI left
- $626,519
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,171 | $270,171 | $413,171 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,311.54 | $1,311.54 | $2,860.71 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | — | — | $82.63 |
| Taxes, insurance & HOA | $420.42 | $420.42 | $420.42 |
| Total housing payment | $1,731.95 | $2,781.24 | $3,363.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,829
Closing costs & prepaids$13,537
Usable credit−$0
Total buyer cash needed$60,366
Earnest money paid−$0
Remaining funds due$60,366
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,350.85
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)$479.25
Initial HOA (3 months)$282.00
Prepaid interest, first (2 days)$43.82
Prepaid interest, second (2 days)$62.68
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 closing24 yrOf the original 30-year loan at 2.960%
Interest already paid$51,921Through Nov 2026
Assumption only · ends Nov 2050$107,552
Assumption + second · ends Nov 2050, second Dec 2056$342,294
New conventional · ends Dec 2056$626,519