Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,628/mo
Lowest payment- Down payment
- $372,435
- Funds due
- $386,329
- Interest + MI left
- $97,539
- First ends
- Dec 2050
Assumption
Assumption + second
$3,849/mo
+$2,221/mo- Down payment
- $62,435
- Funds due
- $78,171
- Interest + MI left
- $587,055
- First ends
- Dec 2050
New loan
New conventional
$4,333/mo
+$2,704/mo- Down payment
- $62,435
- Funds due
- $74,469
- Interest + MI left
- $821,101
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,565 | $251,565 | $561,565 |
| Second mortgage | — | $310,000 | — |
| First P&I | $1,212.17 | $1,212.17 | $3,804.24 |
| Second P&I | — | $2,220.88 | — |
| Mortgage insurance | — | — | $112.31 |
| Taxes, insurance & HOA | $416.25 | $416.25 | $416.25 |
| Total housing payment | $1,628.42 | $3,849.29 | $4,332.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,435
Closing costs & prepaids$15,736
Usable credit−$0
Total buyer cash needed$78,171
Earnest money paid−$0
Remaining funds due$78,171
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,257.82
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)$748.75
Prepaid interest, first (9 days)$179.27
Prepaid interest, second (9 days)$592.40
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$47,241Through Dec 2026
Assumption only · ends Dec 2050$97,539
Assumption + second · ends Dec 2050, second Jan 2057$587,055
New conventional · ends Jan 2057$821,101