Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,299/mo
Lowest payment- Down payment
- $253,344
- Funds due
- $264,375
- Interest + MI left
- $83,947
- First ends
- Jan 2050
Assumption
Assumption + second
$2,803/mo
+$1,504/mo- Down payment
- $43,344
- Funds due
- $55,670
- Interest + MI left
- $415,554
- First ends
- Jan 2050
New loan
New conventional
$3,098/mo
+$1,799/mo- Down payment
- $43,344
- Funds due
- $52,351
- Interest + MI left
- $578,731
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,656 | $171,656 | $381,656 |
| Second mortgage | — | $210,000 | — |
| First P&I | $919.44 | $919.44 | $2,642.51 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | — | — | $76.33 |
| Taxes, insurance & HOA | $379.33 | $379.33 | $379.33 |
| Total housing payment | $1,298.77 | $2,803.23 | $3,098.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,344
Closing costs & prepaids$12,326
Usable credit−$0
Total buyer cash needed$55,670
Earnest money paid−$0
Remaining funds due$55,670
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$858.28
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)$310.00
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$17.35
Prepaid interest, second (1 days)$44.59
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 closing23 yr 2 moOf the original 30-year loan at 3.690%
Interest already paid$47,050Through Nov 2026
Assumption only · ends Jan 2050$83,947
Assumption + second · ends Jan 2050, second Dec 2056$415,554
New conventional · ends Dec 2056$578,731