Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,102/mo
Lowest payment- Down payment
- $402,480
- Funds due
- $421,693
- Interest + MI left
- $218,709
- First ends
- Dec 2050
Assumption
Assumption + second
$5,330/mo
+$2,228/mo- Down payment
- $91,480
- Funds due
- $112,339
- Interest + MI left
- $709,804
- First ends
- Dec 2050
New loan
New conventional
$6,289/mo
+$3,187/mo- Down payment
- $91,480
- Funds due
- $107,148
- Interest + MI left
- $1,196,812
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $507,520 | $507,520 | $818,520 |
| Second mortgage | — | $311,000 | — |
| First P&I | $2,521.63 | $2,521.63 | $5,544.94 |
| Second P&I | — | $2,228.04 | — |
| Mortgage insurance | — | — | $163.70 |
| Taxes, insurance & HOA | $580.67 | $580.67 | $580.67 |
| Total housing payment | $3,102.30 | $5,330.34 | $6,289.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$91,480
Closing costs & prepaids$20,859
Usable credit−$0
Total buyer cash needed$112,339
Earnest money paid−$0
Remaining funds due$112,339
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,537.60
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)$1,092.00
Prepaid interest, first (6 days)$265.30
Prepaid interest, second (6 days)$396.21
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 3.18%
Interest already paid$104,520Through Dec 2026
Assumption only · ends Dec 2050$218,709
Assumption + second · ends Dec 2050, second Jan 2057$709,804
New conventional · ends Jan 2057$1,196,812