Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,688/mo
Lowest payment- Down payment
- $67,295
- Funds due
- $77,967
- Interest + MI left
- $90,916
- First ends
- Dec 2050
Assumption
Assumption + second
$1,986/mo
+$298/mo- Down payment
- $30,295
- Funds due
- $42,236
- Interest + MI left
- $161,091
- First ends
- Dec 2050
New loan
New conventional
$2,489/mo
+$802/mo- Down payment
- $30,295
- Funds due
- $38,781
- Interest + MI left
- $408,972
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,705 | $232,705 | $269,705 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,119.80 | $1,119.80 | $1,867.38 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $53.94 |
| Taxes, insurance & HOA | $568.08 | $568.08 | $568.08 |
| Total housing payment | $1,687.88 | $1,985.59 | $2,489.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,295
Closing costs & prepaids$11,941
Usable credit−$0
Total buyer cash needed$42,236
Earnest money paid−$0
Remaining funds due$42,236
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,163.53
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)$759.25
Initial HOA (3 months)$495.00
Prepaid interest, first (2 days)$36.98
Prepaid interest, second (2 days)$18.25
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 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$43,178Through Nov 2026
Assumption only · ends Dec 2050$90,916
Assumption + second · ends Dec 2050, second Dec 2056$161,091
New conventional · ends Dec 2056$408,972