Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,100/mo
Lowest payment- Down payment
- $592,386
- Funds due
- $610,485
- Interest + MI left
- $101,789
- First ends
- Dec 2050
Assumption
Assumption + second
$5,732/mo
+$3,632/mo- Down payment
- $85,386
- Funds due
- $105,704
- Interest + MI left
- $902,385
- First ends
- Dec 2050
New loan
New conventional
$6,185/mo
+$4,085/mo- Down payment
- $85,386
- Funds due
- $101,717
- Interest + MI left
- $1,117,992
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,614 | $257,614 | $764,614 |
| Second mortgage | — | $507,000 | — |
| First P&I | $1,247.93 | $1,247.93 | $5,179.76 |
| Second P&I | — | $3,632.21 | — |
| Mortgage insurance | — | — | $152.92 |
| Taxes, insurance & HOA | $852.00 | $852.00 | $852.00 |
| Total housing payment | $2,099.93 | $5,732.14 | $6,184.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,386
Closing costs & prepaids$20,318
Usable credit−$0
Total buyer cash needed$105,704
Earnest money paid−$0
Remaining funds due$105,704
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,288.07
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,020.00
Initial HOA (3 months)$885.99
Prepaid interest, first (9 days)$186.75
Prepaid interest, second (9 days)$968.86
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 2.94%
Interest already paid$49,185Through Dec 2026
Assumption only · ends Dec 2050$101,789
Assumption + second · ends Dec 2050, second Jan 2057$902,385
New conventional · ends Jan 2057$1,117,992