Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,659/mo
Lowest payment- Down payment
- $161,617
- Funds due
- $172,765
- Interest + MI left
- $107,970
- First ends
- Nov 2049
Assumption
Assumption + second
$2,554/mo
+$895/mo- Down payment
- $39,617
- Funds due
- $52,042
- Interest + MI left
- $308,239
- First ends
- Nov 2049
New loan
New conventional
$2,932/mo
+$1,274/mo- Down payment
- $39,617
- Funds due
- $48,487
- Interest + MI left
- $529,793
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,383 | $227,383 | $349,383 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,215.05 | $1,215.05 | $2,419.06 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $69.88 |
| Taxes, insurance & HOA | $443.50 | $443.50 | $443.50 |
| Total housing payment | $1,658.55 | $2,553.74 | $2,932.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,617
Closing costs & prepaids$12,425
Usable credit−$0
Total buyer cash needed$52,042
Earnest money paid−$0
Remaining funds due$52,042
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,136.92
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)$490.50
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$22.55
Prepaid interest, second (1 days)$26.74
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 closing23 yrOf the original 30-year loan at 3.620%
Interest already paid$62,855Through Nov 2026
Assumption only · ends Nov 2049$107,970
Assumption + second · ends Nov 2049, second Dec 2056$308,239
New conventional · ends Dec 2056$529,793