Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,704/mo
Lowest payment- Down payment
- $127,300
- Funds due
- $138,658
- Interest + MI left
- $115,867
- First ends
- Nov 2050
Assumption
Assumption + second
$2,380/mo
+$676/mo- Down payment
- $43,300
- Funds due
- $55,950
- Interest + MI left
- $275,184
- First ends
- Nov 2050
New loan
New conventional
$2,987/mo
+$1,283/mo- Down payment
- $43,300
- Funds due
- $52,051
- Interest + MI left
- $578,797
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,700 | $297,700 | $381,700 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,435.99 | $1,435.99 | $2,642.81 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $76.34 |
| Taxes, insurance & HOA | $268.08 | $268.08 | $268.08 |
| Total housing payment | $1,704.08 | $2,379.96 | $2,987.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,300
Closing costs & prepaids$12,649
Usable credit−$0
Total buyer cash needed$55,950
Earnest money paid−$0
Remaining funds due$55,950
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,488.50
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)$354.25
Prepaid interest, first (2 days)$47.31
Prepaid interest, second (2 days)$41.42
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 2.900%
Interest already paid$56,091Through Nov 2026
Assumption only · ends Nov 2050$115,867
Assumption + second · ends Nov 2050, second Dec 2056$275,184
New conventional · ends Dec 2056$578,797