Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,989/mo
Lowest payment- Down payment
- $138,157
- Funds due
- $153,430
- Interest + MI left
- $129,330
- First ends
- Jul 2049
Assumption
Assumption + second
$3,714/mo
+$724/mo- Down payment
- $48,157
- Funds due
- $64,702
- Interest + MI left
- $300,028
- First ends
- Jul 2049
New loan
New conventional
$4,330/mo
+$1,341/mo- Down payment
- $48,157
- Funds due
- $60,510
- Interest + MI left
- $653,402
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,843 | $340,843 | $430,843 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $2,983.07 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $86.17 |
| Taxes, insurance & HOA | $1,260.83 | $1,260.83 | $1,260.83 |
| Total housing payment | $2,989.41 | $3,713.57 | $4,330.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,157
Closing costs & prepaids$16,545
Usable credit−$0
Total buyer cash needed$64,702
Earnest money paid−$0
Remaining funds due$64,702
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,704.21
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)$1,197.50
Initial HOA (3 months)$2,085.00
Prepaid interest, first (1 days)$28.01
Prepaid interest, second (1 days)$22.19
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 8 moOf the original 30-year loan at 3.000%
Interest already paid$82,957Through Nov 2026
Assumption only · ends Jul 2049$129,330
Assumption + second · ends Jul 2049, second Dec 2056$300,028
New conventional · ends Dec 2056$653,402