Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,781/mo
Lowest payment- Down payment
- $192,350
- Funds due
- $204,553
- Interest + MI left
- $82,348
- First ends
- Nov 2050
Assumption
Assumption + second
$2,897/mo
+$1,115/mo- Down payment
- $40,350
- Funds due
- $53,970
- Interest + MI left
- $331,864
- First ends
- Nov 2050
New loan
New conventional
$3,279/mo
+$1,498/mo- Down payment
- $40,350
- Funds due
- $50,588
- Interest + MI left
- $525,868
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,650 | $207,650 | $359,650 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,010.45 | $1,010.45 | $2,436.39 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | — | — | $71.93 |
| Taxes, insurance & HOA | $771.00 | $771.00 | $771.00 |
| Total housing payment | $1,781.45 | $2,896.77 | $3,279.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,350
Closing costs & prepaids$13,620
Usable credit−$0
Total buyer cash needed$53,970
Earnest money paid−$0
Remaining funds due$53,970
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,038.25
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)$1,020.00
Initial HOA (3 months)$843.00
Prepaid interest, first (5 days)$84.20
Prepaid interest, second (5 days)$166.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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$40,515Through Dec 2026
Assumption only · ends Nov 2050$82,348
Assumption + second · ends Nov 2050, second Jan 2057$331,864
New conventional · ends Jan 2057$525,868