Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,194/mo
Lowest payment- Down payment
- $284,983
- Funds due
- $296,601
- Interest + MI left
- $67,820
- First ends
- Dec 2050
Assumption
Assumption + second
$2,899/mo
+$1,705/mo- Down payment
- $46,983
- Funds due
- $60,306
- Interest + MI left
- $443,642
- First ends
- Dec 2050
New loan
New conventional
$3,230/mo
+$2,037/mo- Down payment
- $46,983
- Funds due
- $57,070
- Interest + MI left
- $603,670
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,917 | $174,917 | $412,917 |
| Second mortgage | — | $238,000 | — |
| First P&I | $842.84 | $842.84 | $2,797.24 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | — | — | $82.58 |
| Taxes, insurance & HOA | $350.67 | $350.67 | $350.67 |
| Total housing payment | $1,193.50 | $2,898.57 | $3,230.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,983
Closing costs & prepaids$13,323
Usable credit−$0
Total buyer cash needed$60,306
Earnest money paid−$0
Remaining funds due$60,306
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$874.58
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)$552.00
Prepaid interest, first (9 days)$124.65
Prepaid interest, second (9 days)$454.81
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$32,847Through Dec 2026
Assumption only · ends Dec 2050$67,820
Assumption + second · ends Dec 2050, second Jan 2057$443,642
New conventional · ends Jan 2057$603,670