Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$993/mo
Lowest payment- Down payment
- $307,517
- Funds due
- $318,506
- Interest + MI left
- $54,119
- First ends
- Dec 2050
Assumption
Assumption + second
$2,877/mo
+$1,884/mo- Down payment
- $44,517
- Funds due
- $57,258
- Interest + MI left
- $469,418
- First ends
- Dec 2050
New loan
New conventional
$3,121/mo
+$2,128/mo- Down payment
- $44,517
- Funds due
- $54,190
- Interest + MI left
- $585,572
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,483 | $137,483 | $400,483 |
| Second mortgage | — | $263,000 | — |
| First P&I | $665.29 | $665.29 | $2,713.01 |
| Second P&I | — | $1,884.16 | — |
| Mortgage insurance | — | — | $80.10 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $993.29 | $2,877.45 | $3,121.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,517
Closing costs & prepaids$12,741
Usable credit−$0
Total buyer cash needed$57,258
Earnest money paid−$0
Remaining funds due$57,258
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$687.42
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$534.00
Prepaid interest, first (9 days)$99.33
Prepaid interest, second (9 days)$502.58
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$26,163Through Dec 2026
Assumption only · ends Dec 2050$54,119
Assumption + second · ends Dec 2050, second Jan 2057$469,418
New conventional · ends Jan 2057$585,572