Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,839/mo
Lowest payment- Down payment
- $380,447
- Funds due
- $395,003
- Interest + MI left
- $82,025
- First ends
- Dec 2050
Assumption
Assumption + second
$4,139/mo
+$2,300/mo- Down payment
- $59,447
- Funds due
- $75,866
- Interest + MI left
- $588,911
- First ends
- Dec 2050
New loan
New conventional
$4,534/mo
+$2,695/mo- Down payment
- $59,447
- Funds due
- $72,349
- Interest + MI left
- $778,681
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,553 | $211,553 | $532,553 |
| Second mortgage | — | $321,000 | — |
| First P&I | $1,019.37 | $1,019.37 | $3,607.70 |
| Second P&I | — | $2,299.68 | — |
| Mortgage insurance | — | — | $106.51 |
| Taxes, insurance & HOA | $819.58 | $819.58 | $819.58 |
| Total housing payment | $1,838.95 | $4,138.63 | $4,533.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,447
Closing costs & prepaids$16,419
Usable credit−$0
Total buyer cash needed$75,866
Earnest money paid−$0
Remaining funds due$75,866
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,920.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,057.76
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)$710.50
Initial HOA (3 months)$1,248.24
Prepaid interest, first (9 days)$150.75
Prepaid interest, second (9 days)$613.42
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$39,727Through Dec 2026
Assumption only · ends Dec 2050$82,025
Assumption + second · ends Dec 2050, second Jan 2057$588,911
New conventional · ends Jan 2057$778,681