Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,150/mo
Lowest payment- Down payment
- $363,671
- Funds due
- $379,071
- Interest + MI left
- $139,394
- First ends
- Dec 2050
Assumption
Assumption + second
$4,250/mo
+$2,099/mo- Down payment
- $70,671
- Funds due
- $87,881
- Interest + MI left
- $602,066
- First ends
- Dec 2050
New loan
New conventional
$4,888/mo
+$2,737/mo- Down payment
- $70,671
- Funds due
- $83,749
- Interest + MI left
- $920,183
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,329 | $336,329 | $629,329 |
| Second mortgage | — | $293,000 | — |
| First P&I | $1,651.82 | $1,651.82 | $4,263.29 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | — | — | $125.87 |
| Taxes, insurance & HOA | $498.67 | $498.67 | $498.67 |
| Total housing payment | $2,150.48 | $4,249.57 | $4,887.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,671
Closing costs & prepaids$17,210
Usable credit−$0
Total buyer cash needed$87,881
Earnest money paid−$0
Remaining funds due$87,881
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,681.65
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)$840.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$254.60
Prepaid interest, second (9 days)$559.91
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 3.07%
Interest already paid$66,952Through Dec 2026
Assumption only · ends Dec 2050$139,394
Assumption + second · ends Dec 2050, second Jan 2057$602,066
New conventional · ends Jan 2057$920,183