Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$994/mo
Lowest payment- Down payment
- $307,486
- Funds due
- $318,476
- Interest + MI left
- $54,335
- First ends
- Dec 2050
Assumption
Assumption + second
$2,871/mo
+$1,877/mo- Down payment
- $45,486
- Funds due
- $58,226
- Interest + MI left
- $468,055
- First ends
- Dec 2050
New loan
New conventional
$3,114/mo
+$2,120/mo- Down payment
- $45,486
- Funds due
- $55,147
- Interest + MI left
- $584,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,514 | $137,514 | $399,514 |
| Second mortgage | — | $262,000 | — |
| First P&I | $666.14 | $666.14 | $2,706.45 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | — | — | $79.90 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $994.14 | $2,871.14 | $3,114.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,486
Closing costs & prepaids$12,740
Usable credit−$0
Total buyer cash needed$58,226
Earnest money paid−$0
Remaining funds due$58,226
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$687.57
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$534.00
Prepaid interest, first (9 days)$99.69
Prepaid interest, second (9 days)$500.67
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$26,255Through Dec 2026
Assumption only · ends Dec 2050$54,335
Assumption + second · ends Dec 2050, second Jan 2057$468,055
New conventional · ends Jan 2057$584,076