Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,044/mo
Lowest payment- Down payment
- $252,549
- Funds due
- $265,490
- Interest + MI left
- $118,232
- First ends
- Jul 2047
Assumption
Assumption + second
$3,491/mo
+$1,447/mo- Down payment
- $50,549
- Funds due
- $64,783
- Interest + MI left
- $437,207
- First ends
- Jul 2047
New loan
New conventional
$3,771/mo
+$1,727/mo- Down payment
- $50,549
- Funds due
- $61,017
- Interest + MI left
- $681,533
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,451 | $247,451 | $449,451 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,474.53 | $1,474.53 | $3,111.91 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | — | — | $89.89 |
| Taxes, insurance & HOA | $569.25 | $569.25 | $569.25 |
| Total housing payment | $2,043.78 | $3,490.93 | $3,771.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,549
Closing costs & prepaids$14,233
Usable credit−$0
Total buyer cash needed$64,783
Earnest money paid−$0
Remaining funds due$64,783
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,237.25
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)$973.75
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$27.46
Prepaid interest, second (1 days)$42.89
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 closing20 yr 8 moOf the original 30-year loan at 4.050%
Interest already paid$105,598Through Nov 2026
Assumption only · ends Jul 2047$118,232
Assumption + second · ends Jul 2047, second Dec 2056$437,207
New conventional · ends Dec 2056$681,533