Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,882/mo
Lowest payment- Down payment
- $374,815
- Funds due
- $389,477
- Interest + MI left
- $90,841
- First ends
- Dec 2050
Assumption
Assumption + second
$4,125/mo
+$2,242/mo- Down payment
- $61,815
- Funds due
- $78,325
- Interest + MI left
- $585,094
- First ends
- Dec 2050
New loan
New conventional
$4,574/mo
+$2,691/mo- Down payment
- $61,815
- Funds due
- $74,693
- Interest + MI left
- $801,537
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,185 | $235,185 | $548,185 |
| Second mortgage | — | $313,000 | — |
| First P&I | $1,132.03 | $1,132.03 | $3,713.60 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | — | — | $109.64 |
| Taxes, insurance & HOA | $750.34 | $750.34 | $750.34 |
| Total housing payment | $1,882.37 | $4,124.74 | $4,573.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,815
Closing costs & prepaids$16,510
Usable credit−$0
Total buyer cash needed$78,325
Earnest money paid−$0
Remaining funds due$78,325
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,175.92
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)$732.00
Initial HOA (3 months)$1,019.01
Prepaid interest, first (9 days)$167.01
Prepaid interest, second (9 days)$598.13
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 2.88%
Interest already paid$44,017Through Dec 2026
Assumption only · ends Dec 2050$90,841
Assumption + second · ends Dec 2050, second Jan 2057$585,094
New conventional · ends Jan 2057$801,537