Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,380/mo
Lowest payment- Down payment
- $145,829
- Funds due
- $156,322
- Interest + MI left
- $88,204
- First ends
- Nov 2050
Assumption
Assumption + second
$2,173/mo
+$792/mo- Down payment
- $37,829
- Funds due
- $49,595
- Interest + MI left
- $265,492
- First ends
- Nov 2050
New loan
New conventional
$2,662/mo
+$1,281/mo- Down payment
- $37,829
- Funds due
- $46,080
- Interest + MI left
- $503,542
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,071 | $224,071 | $332,071 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,084.29 | $1,084.29 | $2,299.19 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $66.41 |
| Taxes, insurance & HOA | $295.92 | $295.92 | $295.92 |
| Total housing payment | $1,380.21 | $2,172.67 | $2,661.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,829
Closing costs & prepaids$11,767
Usable credit−$0
Total buyer cash needed$49,595
Earnest money paid−$0
Remaining funds due$49,595
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,120.36
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)$299.75
Initial HOA (3 months)$138.00
Prepaid interest, first (1 days)$17.99
Prepaid interest, second (1 days)$23.67
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 2.930%
Interest already paid$42,640Through Nov 2026
Assumption only · ends Nov 2050$88,204
Assumption + second · ends Nov 2050, second Dec 2056$265,492
New conventional · ends Dec 2056$503,542