Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,611/mo
Lowest payment- Down payment
- $213,791
- Funds due
- $225,843
- Interest + MI left
- $102,340
- First ends
- Oct 2050
Assumption
Assumption + second
$2,829/mo
+$1,218/mo- Down payment
- $47,791
- Funds due
- $61,129
- Interest + MI left
- $374,837
- First ends
- Oct 2050
New loan
New conventional
$3,366/mo
+$1,755/mo- Down payment
- $47,791
- Funds due
- $57,360
- Interest + MI left
- $638,708
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,209 | $255,209 | $421,209 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,245.81 | $1,245.81 | $2,916.37 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $84.24 |
| Taxes, insurance & HOA | $365.50 | $365.50 | $365.50 |
| Total housing payment | $1,611.31 | $2,829.36 | $3,366.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,791
Closing costs & prepaids$13,338
Usable credit−$0
Total buyer cash needed$61,129
Earnest money paid−$0
Remaining funds due$61,129
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,276.04
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)$451.50
Initial HOA (3 months)$144.99
Prepaid interest, first (1 days)$20.91
Prepaid interest, second (1 days)$36.38
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 yr 11 moOf the original 30-year loan at 2.990%
Interest already paid$50,281Through Nov 2026
Assumption only · ends Oct 2050$102,340
Assumption + second · ends Oct 2050, second Dec 2056$374,837
New conventional · ends Dec 2056$638,708