Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,386/mo
Lowest payment- Down payment
- $291,285
- Funds due
- $303,556
- Interest + MI left
- $70,960
- First ends
- Dec 2050
Assumption
Assumption + second
$3,127/mo
+$1,741/mo- Down payment
- $48,285
- Funds due
- $62,270
- Interest + MI left
- $454,678
- First ends
- Dec 2050
New loan
New conventional
$3,477/mo
+$2,092/mo- Down payment
- $48,285
- Funds due
- $58,987
- Interest + MI left
- $623,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,715 | $183,715 | $426,715 |
| Second mortgage | — | $243,000 | — |
| First P&I | $884.29 | $884.29 | $2,890.72 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | — | — | $85.34 |
| Taxes, insurance & HOA | $501.34 | $501.34 | $501.34 |
| Total housing payment | $1,385.63 | $3,126.51 | $3,477.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,285
Closing costs & prepaids$13,985
Usable credit−$0
Total buyer cash needed$62,270
Earnest money paid−$0
Remaining funds due$62,270
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$918.58
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)$570.00
Initial HOA (3 months)$434.01
Prepaid interest, first (9 days)$130.46
Prepaid interest, second (9 days)$464.36
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 2.88%
Interest already paid$34,384Through Dec 2026
Assumption only · ends Dec 2050$70,960
Assumption + second · ends Dec 2050, second Jan 2057$454,678
New conventional · ends Jan 2057$623,843