Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,576/mo
Lowest payment- Down payment
- $452,464
- Funds due
- $466,971
- Interest + MI left
- $85,627
- First ends
- Dec 2050
Assumption
Assumption + second
$4,327/mo
+$2,751/mo- Down payment
- $68,464
- Funds due
- $84,955
- Interest + MI left
- $691,995
- First ends
- Dec 2050
New loan
New conventional
$4,737/mo
+$3,160/mo- Down payment
- $68,464
- Funds due
- $81,297
- Interest + MI left
- $886,856
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,536 | $222,536 | $606,536 |
| Second mortgage | — | $384,000 | — |
| First P&I | $1,070.01 | $1,070.01 | $4,108.89 |
| Second P&I | — | $2,751.02 | — |
| Mortgage insurance | — | — | $121.31 |
| Taxes, insurance & HOA | $506.34 | $506.34 | $506.34 |
| Total housing payment | $1,576.35 | $4,327.37 | $4,736.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,464
Closing costs & prepaids$16,491
Usable credit−$0
Total buyer cash needed$84,955
Earnest money paid−$0
Remaining funds due$84,955
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,112.68
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)$810.00
Initial HOA (3 months)$209.01
Prepaid interest, first (9 days)$157.48
Prepaid interest, second (9 days)$733.81
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 2.87%
Interest already paid$41,510Through Dec 2026
Assumption only · ends Dec 2050$85,627
Assumption + second · ends Dec 2050, second Jan 2057$691,995
New conventional · ends Jan 2057$886,856