Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,233/mo
Lowest payment- Down payment
- $205,556
- Funds due
- $219,630
- Interest + MI left
- $122,716
- First ends
- Nov 2050
Assumption
Assumption + second
$3,363/mo
+$1,130/mo- Down payment
- $51,556
- Funds due
- $67,184
- Interest + MI left
- $375,515
- First ends
- Nov 2050
New loan
New conventional
$3,960/mo
+$1,726/mo- Down payment
- $51,556
- Funds due
- $63,369
- Interest + MI left
- $677,632
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,444 | $309,444 | $463,444 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,505.78 | $1,505.78 | $3,139.53 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $92.69 |
| Taxes, insurance & HOA | $727.67 | $727.67 | $727.67 |
| Total housing payment | $2,233.45 | $3,363.45 | $3,959.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,556
Closing costs & prepaids$15,628
Usable credit−$0
Total buyer cash needed$67,184
Earnest money paid−$0
Remaining funds due$67,184
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,547.22
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$618.00
Initial HOA (3 months)$1,065.00
Prepaid interest, first (9 days)$225.85
Prepaid interest, second (9 days)$303.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 2.96%
Interest already paid$60,376Through Dec 2026
Assumption only · ends Nov 2050$122,716
Assumption + second · ends Nov 2050, second Jan 2057$375,515
New conventional · ends Jan 2057$677,632