Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,985/mo
Lowest payment- Down payment
- $402,367
- Funds due
- $417,687
- Interest + MI left
- $115,401
- First ends
- Dec 2050
Assumption
Assumption + second
$4,363/mo
+$2,378/mo- Down payment
- $70,367
- Funds due
- $87,571
- Interest + MI left
- $639,657
- First ends
- Dec 2050
New loan
New conventional
$4,942/mo
+$2,957/mo- Down payment
- $70,367
- Funds due
- $83,605
- Interest + MI left
- $920,628
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,633 | $297,633 | $629,633 |
| Second mortgage | — | $332,000 | — |
| First P&I | $1,434.15 | $1,434.15 | $4,265.35 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | — | — | $125.93 |
| Taxes, insurance & HOA | $550.67 | $550.67 | $550.67 |
| Total housing payment | $1,984.81 | $4,363.30 | $4,941.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,367
Closing costs & prepaids$17,205
Usable credit−$0
Total buyer cash needed$87,571
Earnest money paid−$0
Remaining funds due$87,571
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,488.17
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)$840.00
Initial HOA (3 months)$312.00
Prepaid interest, first (9 days)$212.09
Prepaid interest, second (9 days)$634.44
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 closing24 yrOf the original 30-year loan at 2.89%
Interest already paid$55,892Through Dec 2026
Assumption only · ends Dec 2050$115,401
Assumption + second · ends Dec 2050, second Jan 2057$639,657
New conventional · ends Jan 2057$920,628