Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,607/mo
Lowest payment- Down payment
- $167,065
- Funds due
- $178,498
- Interest + MI left
- $98,867
- First ends
- Nov 2050
Assumption
Assumption + second
$2,517/mo
+$910/mo- Down payment
- $43,065
- Funds due
- $55,775
- Interest + MI left
- $302,420
- First ends
- Nov 2050
New loan
New conventional
$3,089/mo
+$1,482/mo- Down payment
- $43,065
- Funds due
- $52,042
- Interest + MI left
- $579,154
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,935 | $257,935 | $381,935 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,238.90 | $1,238.90 | $2,644.44 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | — | — | $76.39 |
| Taxes, insurance & HOA | $368.42 | $368.42 | $368.42 |
| Total housing payment | $1,607.32 | $2,517.18 | $3,089.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,065
Closing costs & prepaids$12,710
Usable credit−$0
Total buyer cash needed$55,775
Earnest money paid−$0
Remaining funds due$55,775
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%)$1,289.68
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)$400.25
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$20.21
Prepaid interest, second (1 days)$27.18
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 2.860%
Interest already paid$47,951Through Nov 2026
Assumption only · ends Nov 2050$98,867
Assumption + second · ends Nov 2050, second Dec 2056$302,420
New conventional · ends Dec 2056$579,154