Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,801/mo
Lowest payment- Down payment
- $77,018
- Funds due
- $88,089
- Interest + MI left
- $98,719
- First ends
- Nov 2050
Assumption
Assumption + second
$2,155/mo
+$354/mo- Down payment
- $33,018
- Funds due
- $45,350
- Interest + MI left
- $182,171
- First ends
- Nov 2050
New loan
New conventional
$2,678/mo
+$876/mo- Down payment
- $33,018
- Funds due
- $41,765
- Interest + MI left
- $442,752
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,982 | $247,982 | $291,982 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,203.82 | $1,203.82 | $2,021.62 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $58.40 |
| Taxes, insurance & HOA | $597.58 | $597.58 | $597.58 |
| Total housing payment | $1,801.40 | $2,155.44 | $2,677.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,018
Closing costs & prepaids$12,332
Usable credit−$0
Total buyer cash needed$45,350
Earnest money paid−$0
Remaining funds due$45,350
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,239.91
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)$412.75
Initial HOA (3 months)$930.00
Prepaid interest, first (1 days)$20.11
Prepaid interest, second (1 days)$10.85
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 30-year loan at 2.960%
Interest already paid$47,657Through Nov 2026
Assumption only · ends Nov 2050$98,719
Assumption + second · ends Nov 2050, second Dec 2056$182,171
New conventional · ends Dec 2056$442,752