Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,213/mo
Lowest payment- Down payment
- $448,996
- Funds due
- $462,300
- Interest + MI left
- $64,365
- First ends
- Dec 2050
Assumption
Assumption + second
$3,985/mo
+$2,773/mo- Down payment
- $61,996
- Funds due
- $77,290
- Interest + MI left
- $675,470
- First ends
- Dec 2050
New loan
New conventional
$4,270/mo
+$3,057/mo- Down payment
- $61,996
- Funds due
- $73,918
- Interest + MI left
- $808,583
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,004 | $166,004 | $553,004 |
| Second mortgage | — | $387,000 | — |
| First P&I | $799.89 | $799.89 | $3,746.24 |
| Second P&I | — | $2,772.52 | — |
| Mortgage insurance | — | — | $110.60 |
| Taxes, insurance & HOA | $412.67 | $412.67 | $412.67 |
| Total housing payment | $1,212.56 | $3,985.07 | $4,269.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,996
Closing costs & prepaids$15,294
Usable credit−$0
Total buyer cash needed$77,290
Earnest money paid−$0
Remaining funds due$77,290
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$830.02
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)$738.00
Prepaid interest, first (9 days)$118.30
Prepaid interest, second (9 days)$739.54
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$31,174Through Dec 2026
Assumption only · ends Dec 2050$64,365
Assumption + second · ends Dec 2050, second Jan 2057$675,470
New conventional · ends Jan 2057$808,583