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
- $330,319
- Funds due
- $343,738
- Interest + MI left
- $86,437
- First ends
- Dec 2050
Assumption
Assumption + second
$3,598/mo
+$1,970/mo- Down payment
- $55,319
- Funds due
- $70,514
- Interest + MI left
- $520,685
- First ends
- Dec 2050
New loan
New conventional
$4,015/mo
+$2,387/mo- Down payment
- $55,319
- Funds due
- $67,011
- Interest + MI left
- $723,159
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,581 | $219,581 | $494,581 |
| Second mortgage | — | $275,000 | — |
| First P&I | $1,062.56 | $1,062.56 | $3,350.46 |
| Second P&I | — | $1,970.13 | — |
| Mortgage insurance | — | — | $98.92 |
| Taxes, insurance & HOA | $565.34 | $565.34 | $565.34 |
| Total housing payment | $1,627.90 | $3,598.03 | $4,014.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,319
Closing costs & prepaids$15,195
Usable credit−$0
Total buyer cash needed$70,514
Earnest money paid−$0
Remaining funds due$70,514
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,097.91
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)$660.00
Initial HOA (3 months)$536.01
Prepaid interest, first (9 days)$158.64
Prepaid interest, second (9 days)$525.51
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 2.93%
Interest already paid$41,786Through Dec 2026
Assumption only · ends Dec 2050$86,437
Assumption + second · ends Dec 2050, second Jan 2057$520,685
New conventional · ends Jan 2057$723,159