Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,493/mo
Lowest payment- Down payment
- $267,809
- Funds due
- $280,120
- Interest + MI left
- $77,520
- First ends
- Dec 2050
Assumption
Assumption + second
$3,076/mo
+$1,583/mo- Down payment
- $46,809
- Funds due
- $60,652
- Interest + MI left
- $426,497
- First ends
- Dec 2050
New loan
New conventional
$3,452/mo
+$1,959/mo- Down payment
- $46,809
- Funds due
- $57,276
- Interest + MI left
- $610,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,191 | $196,191 | $417,191 |
| Second mortgage | — | $221,000 | — |
| First P&I | $950.38 | $950.38 | $2,826.20 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | — | — | $83.44 |
| Taxes, insurance & HOA | $542.58 | $542.58 | $542.58 |
| Total housing payment | $1,492.96 | $3,076.24 | $3,452.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,809
Closing costs & prepaids$13,843
Usable credit−$0
Total buyer cash needed$60,652
Earnest money paid−$0
Remaining funds due$60,652
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,640.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$980.96
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)$556.75
Initial HOA (3 months)$570.99
Prepaid interest, first (6 days)$94.82
Prepaid interest, second (6 days)$281.55
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 2.94%
Interest already paid$37,458Through Dec 2026
Assumption only · ends Dec 2050$77,520
Assumption + second · ends Dec 2050, second Jan 2057$426,497
New conventional · ends Jan 2057$610,002