Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,061/mo
Lowest payment- Down payment
- $249,464
- Funds due
- $263,453
- Interest + MI left
- $130,097
- First ends
- Dec 2050
Assumption
Assumption + second
$3,456/mo
+$1,394/mo- Down payment
- $59,464
- Funds due
- $74,953
- Interest + MI left
- $441,992
- First ends
- Dec 2050
New loan
New conventional
$4,110/mo
+$2,048/mo- Down payment
- $59,464
- Funds due
- $70,849
- Interest + MI left
- $768,315
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,536 | $335,536 | $525,536 |
| Second mortgage | — | $190,000 | — |
| First P&I | $1,616.78 | $1,616.78 | $3,560.16 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | — | — | $105.11 |
| Taxes, insurance & HOA | $444.67 | $444.67 | $444.67 |
| Total housing payment | $2,061.45 | $3,455.60 | $4,109.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,464
Closing costs & prepaids$15,489
Usable credit−$0
Total buyer cash needed$74,953
Earnest money paid−$0
Remaining funds due$74,953
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,677.68
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)$702.00
Initial HOA (3 months)$132.00
Prepaid interest, first (6 days)$159.40
Prepaid interest, second (6 days)$249.86
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$63,009Through Dec 2026
Assumption only · ends Dec 2050$130,097
Assumption + second · ends Dec 2050, second Jan 2057$441,992
New conventional · ends Jan 2057$768,315