Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,397/mo
Lowest payment- Down payment
- $249,111
- Funds due
- $260,674
- Interest + MI left
- $68,601
- First ends
- Dec 2050
Assumption
Assumption + second
$2,873/mo
+$1,476/mo- Down payment
- $43,111
- Funds due
- $55,968
- Interest + MI left
- $393,892
- First ends
- Dec 2050
New loan
New conventional
$3,270/mo
+$1,873/mo- Down payment
- $43,111
- Funds due
- $52,635
- Interest + MI left
- $578,629
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,589 | $175,589 | $381,589 |
| Second mortgage | — | $206,000 | — |
| First P&I | $844.95 | $844.95 | $2,642.05 |
| Second P&I | — | $1,475.81 | — |
| Mortgage insurance | — | — | $76.32 |
| Taxes, insurance & HOA | $551.92 | $551.92 | $551.92 |
| Total housing payment | $1,396.86 | $2,872.67 | $3,270.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,111
Closing costs & prepaids$12,856
Usable credit−$0
Total buyer cash needed$55,968
Earnest money paid−$0
Remaining funds due$55,968
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,247.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$877.94
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)$695.75
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$13.95
Prepaid interest, second (1 days)$43.74
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 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$32,580Through Nov 2026
Assumption only · ends Dec 2050$68,601
Assumption + second · ends Dec 2050, second Dec 2056$393,892
New conventional · ends Dec 2056$578,629