Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,883/mo
Lowest payment- Down payment
- $117,953
- Funds due
- $129,719
- Interest + MI left
- $121,282
- First ends
- Nov 2050
Assumption
Assumption + second
$2,487/mo
+$603/mo- Down payment
- $42,953
- Funds due
- $55,987
- Interest + MI left
- $263,530
- First ends
- Nov 2050
New loan
New conventional
$3,117/mo
+$1,234/mo- Down payment
- $42,953
- Funds due
- $52,014
- Interest + MI left
- $579,172
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,947 | $306,947 | $381,947 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,486.90 | $1,486.90 | $2,644.52 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $76.39 |
| Taxes, insurance & HOA | $396.25 | $396.25 | $396.25 |
| Total housing payment | $1,883.15 | $2,486.62 | $3,117.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,953
Closing costs & prepaids$13,034
Usable credit−$0
Total buyer cash needed$55,987
Earnest money paid−$0
Remaining funds due$55,987
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,534.73
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)$582.75
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$24.72
Prepaid interest, second (1 days)$18.49
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 2.940%
Interest already paid$58,604Through Nov 2026
Assumption only · ends Nov 2050$121,282
Assumption + second · ends Nov 2050, second Dec 2056$263,530
New conventional · ends Dec 2056$579,172