Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,451/mo
Lowest payment- Down payment
- $185,718
- Funds due
- $196,849
- Interest + MI left
- $94,152
- First ends
- Nov 2050
Assumption
Assumption + second
$2,500/mo
+$1,049/mo- Down payment
- $42,718
- Funds due
- $55,162
- Interest + MI left
- $328,894
- First ends
- Nov 2050
New loan
New conventional
$3,016/mo
+$1,565/mo- Down payment
- $42,718
- Funds due
- $51,550
- Interest + MI left
- $579,605
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,182 | $239,182 | $382,182 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,157.41 | $1,157.41 | $2,646.15 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | — | — | $76.44 |
| Taxes, insurance & HOA | $293.42 | $293.42 | $293.42 |
| Total housing payment | $1,450.83 | $2,500.11 | $3,016.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,718
Closing costs & prepaids$12,444
Usable credit−$0
Total buyer cash needed$55,162
Earnest money paid−$0
Remaining funds due$55,162
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,195.91
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)$430.25
Prepaid interest, first (2 days)$38.40
Prepaid interest, second (2 days)$62.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.930%
Interest already paid$45,516Through Nov 2026
Assumption only · ends Nov 2050$94,152
Assumption + second · ends Nov 2050, second Dec 2056$328,894
New conventional · ends Dec 2056$579,605