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
- $528,661
- Funds due
- $546,294
- Interest + MI left
- $124,592
- First ends
- Dec 2050
Assumption
Assumption + second
$5,324/mo
+$3,174/mo- Down payment
- $85,661
- Funds due
- $105,108
- Interest + MI left
- $824,127
- First ends
- Dec 2050
New loan
New conventional
$5,932/mo
+$3,782/mo- Down payment
- $85,661
- Funds due
- $100,787
- Interest + MI left
- $1,117,590
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,339 | $321,339 | $764,339 |
| Second mortgage | — | $443,000 | — |
| First P&I | $1,548.37 | $1,548.37 | $5,177.90 |
| Second P&I | — | $3,173.71 | — |
| Mortgage insurance | — | — | $152.87 |
| Taxes, insurance & HOA | $601.67 | $601.67 | $601.67 |
| Total housing payment | $2,150.04 | $5,323.74 | $5,932.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,661
Closing costs & prepaids$19,447
Usable credit−$0
Total buyer cash needed$105,108
Earnest money paid−$0
Remaining funds due$105,108
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,606.69
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,020.00
Initial HOA (3 months)$135.00
Prepaid interest, first (6 days)$152.66
Prepaid interest, second (6 days)$564.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.89%
Interest already paid$60,343Through Dec 2026
Assumption only · ends Dec 2050$124,592
Assumption + second · ends Dec 2050, second Jan 2057$824,127
New conventional · ends Jan 2057$1,117,590