Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,470/mo
Lowest payment- Down payment
- $79,502
- Funds due
- $89,630
- Interest + MI left
- $88,350
- First ends
- Nov 2050
Assumption
Assumption + second
$1,856/mo
+$386/mo- Down payment
- $31,502
- Funds due
- $42,892
- Interest + MI left
- $179,389
- First ends
- Nov 2050
New loan
New conventional
$2,347/mo
+$877/mo- Down payment
- $31,502
- Funds due
- $39,407
- Interest + MI left
- $422,305
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,498 | $230,498 | $278,498 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,107.11 | $1,107.11 | $1,928.26 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | — | — | $55.70 |
| Taxes, insurance & HOA | $363.00 | $363.00 | $363.00 |
| Total housing payment | $1,470.11 | $1,856.33 | $2,346.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,502
Closing costs & prepaids$11,389
Usable credit−$0
Total buyer cash needed$42,892
Earnest money paid−$0
Remaining funds due$42,892
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,152.49
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)$303.00
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$18.06
Prepaid interest, second (1 days)$11.84
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 29-year loan at 2.860%
Interest already paid$35,278Through Nov 2026
Assumption only · ends Nov 2050$88,350
Assumption + second · ends Nov 2050, second Dec 2056$179,389
New conventional · ends Dec 2056$422,305