Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,657/mo
Lowest payment- Down payment
- $140,979
- Funds due
- $151,955
- Interest + MI left
- $109,067
- First ends
- Nov 2049
Assumption
Assumption + second
$2,413/mo
+$756/mo- Down payment
- $37,979
- Funds due
- $50,251
- Interest + MI left
- $278,147
- First ends
- Nov 2049
New loan
New conventional
$2,815/mo
+$1,158/mo- Down payment
- $37,979
- Funds due
- $46,704
- Interest + MI left
- $511,048
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,021 | $234,021 | $337,021 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,243.07 | $1,243.07 | $2,333.47 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $67.40 |
| Taxes, insurance & HOA | $414.33 | $414.33 | $414.33 |
| Total housing payment | $1,657.41 | $2,413.19 | $2,815.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,979
Closing costs & prepaids$12,272
Usable credit−$0
Total buyer cash needed$50,251
Earnest money paid−$0
Remaining funds due$50,251
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,170.11
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)$517.00
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$45.65
Prepaid interest, second (2 days)$45.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yrOf the original 30-year loan at 3.560%
Interest already paid$63,667Through Nov 2026
Assumption only · ends Nov 2049$109,067
Assumption + second · ends Nov 2049, second Dec 2056$278,147
New conventional · ends Dec 2056$511,048