Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,092/mo
Lowest payment- Down payment
- $248,211
- Funds due
- $261,318
- Interest + MI left
- $151,972
- First ends
- May 2049
Assumption
Assumption + second
$3,530/mo
+$1,438/mo- Down payment
- $52,211
- Funds due
- $66,611
- Interest + MI left
- $473,716
- First ends
- May 2049
New loan
New conventional
$3,838/mo
+$1,746/mo- Down payment
- $52,211
- Funds due
- $62,731
- Interest + MI left
- $701,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,789 | $266,789 | $462,789 |
| Second mortgage | — | $196,000 | — |
| First P&I | $1,550.97 | $1,550.97 | $3,204.26 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $92.56 |
| Taxes, insurance & HOA | $541.25 | $541.25 | $541.25 |
| Total housing payment | $2,092.22 | $3,530.40 | $3,838.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,211
Closing costs & prepaids$14,400
Usable credit−$0
Total buyer cash needed$66,611
Earnest money paid−$0
Remaining funds due$66,611
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%)$1,333.95
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)$1,033.75
Initial HOA (3 months)$90.00
Prepaid interest, first (1 days)$31.80
Prepaid interest, second (1 days)$42.96
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 closing22 yr 6 moOf the original 30-year loan at 4.350%
Interest already paid$94,820Through Nov 2026
Assumption only · ends May 2049$151,972
Assumption + second · ends May 2049, second Dec 2056$473,716
New conventional · ends Dec 2056$701,758