Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,840/mo
Lowest payment- Down payment
- $177,072
- Funds due
- $188,583
- Interest + MI left
- $142,044
- First ends
- Jun 2049
Assumption
Assumption + second
$2,824/mo
+$983/mo- Down payment
- $43,072
- Funds due
- $55,862
- Interest + MI left
- $362,012
- First ends
- Jun 2049
New loan
New conventional
$3,139/mo
+$1,299/mo- Down payment
- $43,072
- Funds due
- $52,143
- Interest + MI left
- $586,801
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,927 | $252,927 | $386,927 |
| Second mortgage | — | $134,000 | — |
| First P&I | $1,457.46 | $1,457.46 | $2,679.00 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | — | — | $77.39 |
| Taxes, insurance & HOA | $382.92 | $382.92 | $382.92 |
| Total housing payment | $1,840.38 | $2,823.62 | $3,139.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,072
Closing costs & prepaids$12,790
Usable credit−$0
Total buyer cash needed$55,862
Earnest money paid−$0
Remaining funds due$55,862
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,264.64
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)$410.75
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$29.66
Prepaid interest, second (1 days)$29.37
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 closing22 yr 7 moOf the original 30-year loan at 4.280%
Interest already paid$87,428Through Nov 2026
Assumption only · ends Jun 2049$142,044
Assumption + second · ends Jun 2049, second Dec 2056$362,012
New conventional · ends Dec 2056$586,801