Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,529/mo
Lowest payment- Down payment
- $385,006
- Funds due
- $402,431
- Interest + MI left
- $160,323
- First ends
- Dec 2050
Assumption
Assumption + second
$4,714/mo
+$2,185/mo- Down payment
- $80,006
- Funds due
- $99,070
- Interest + MI left
- $641,944
- First ends
- Dec 2050
New loan
New conventional
$5,547/mo
+$3,019/mo- Down payment
- $80,006
- Funds due
- $94,422
- Interest + MI left
- $1,050,557
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $413,494 | $413,494 | $718,494 |
| Second mortgage | — | $305,000 | — |
| First P&I | $1,992.42 | $1,992.42 | $4,867.33 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | — | — | $143.70 |
| Taxes, insurance & HOA | $536.08 | $536.08 | $536.08 |
| Total housing payment | $2,528.50 | $4,713.56 | $5,547.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,006
Closing costs & prepaids$19,064
Usable credit−$0
Total buyer cash needed$99,070
Earnest money paid−$0
Remaining funds due$99,070
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,985.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,067.47
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)$958.25
Prepaid interest, first (6 days)$196.44
Prepaid interest, second (6 days)$388.56
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$77,649Through Dec 2026
Assumption only · ends Dec 2050$160,323
Assumption + second · ends Dec 2050, second Jan 2057$641,944
New conventional · ends Jan 2057$1,050,557