Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,444/mo
Lowest payment- Down payment
- $129,809
- Funds due
- $140,134
- Interest + MI left
- $105,918
- First ends
- Nov 2050
Assumption
Assumption + second
$2,200/mo
+$756/mo- Down payment
- $35,809
- Funds due
- $47,407
- Interest + MI left
- $284,202
- First ends
- Nov 2050
New loan
New conventional
$2,550/mo
+$1,106/mo- Down payment
- $35,809
- Funds due
- $43,924
- Interest + MI left
- $476,429
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,191 | $220,191 | $314,191 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,132.32 | $1,132.32 | $2,175.40 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | — | — | $62.84 |
| Taxes, insurance & HOA | $311.58 | $311.58 | $311.58 |
| Total housing payment | $1,443.90 | $2,200.25 | $2,549.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,809
Closing costs & prepaids$11,598
Usable credit−$0
Total buyer cash needed$47,407
Earnest money paid−$0
Remaining funds due$47,407
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,100.95
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)$298.75
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$21.17
Prepaid interest, second (1 days)$23.18
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 3.510%
Interest already paid$49,869Through Nov 2026
Assumption only · ends Nov 2050$105,918
Assumption + second · ends Nov 2050, second Dec 2056$284,202
New conventional · ends Dec 2056$476,429