Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,297/mo
Lowest payment- Down payment
- $231,224
- Funds due
- $245,860
- Interest + MI left
- $145,437
- First ends
- Dec 2050
Assumption
Assumption + second
$3,544/mo
+$1,247/mo- Down payment
- $61,224
- Funds due
- $77,445
- Interest + MI left
- $424,501
- First ends
- Dec 2050
New loan
New conventional
$4,286/mo
+$1,989/mo- Down payment
- $61,224
- Funds due
- $73,281
- Interest + MI left
- $794,944
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,676 | $373,676 | $543,676 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,802.48 | $1,802.48 | $3,683.05 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $108.74 |
| Taxes, insurance & HOA | $494.34 | $494.34 | $494.34 |
| Total housing payment | $2,296.81 | $3,544.21 | $4,286.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,224
Closing costs & prepaids$16,221
Usable credit−$0
Total buyer cash needed$77,445
Earnest money paid−$0
Remaining funds due$77,445
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,049.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,868.38
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)$726.00
Initial HOA (3 months)$257.01
Prepaid interest, first (9 days)$267.20
Prepaid interest, second (9 days)$335.34
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 2.9%
Interest already paid$70,406Through Dec 2026
Assumption only · ends Dec 2050$145,437
Assumption + second · ends Dec 2050, second Jan 2057$424,501
New conventional · ends Jan 2057$794,944