Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,034/mo
Lowest payment- Down payment
- $160,882
- Funds due
- $173,481
- Interest + MI left
- $102,293
- First ends
- Nov 2050
Assumption
Assumption + second
$2,907/mo
+$873/mo- Down payment
- $41,882
- Funds due
- $55,757
- Interest + MI left
- $297,638
- First ends
- Nov 2050
New loan
New conventional
$3,455/mo
+$1,420/mo- Down payment
- $41,882
- Funds due
- $52,054
- Interest + MI left
- $565,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,118 | $254,118 | $373,118 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,237.54 | $1,237.54 | $2,583.39 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $74.62 |
| Taxes, insurance & HOA | $796.58 | $796.58 | $796.58 |
| Total housing payment | $2,034.12 | $2,907.30 | $3,454.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,882
Closing costs & prepaids$13,875
Usable credit−$0
Total buyer cash needed$55,757
Earnest money paid−$0
Remaining funds due$55,757
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,270.59
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)$1,225.75
Initial HOA (3 months)$714.00
Prepaid interest, first (1 days)$20.82
Prepaid interest, second (1 days)$26.08
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 2.990%
Interest already paid$49,314Through Nov 2026
Assumption only · ends Nov 2050$102,293
Assumption + second · ends Nov 2050, second Dec 2056$297,638
New conventional · ends Dec 2056$565,859