Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,515/mo
Lowest payment- Down payment
- $579,061
- Funds due
- $598,398
- Interest + MI left
- $153,517
- First ends
- Dec 2050
Assumption
Assumption + second
$5,960/mo
+$3,446/mo- Down payment
- $98,061
- Funds due
- $119,363
- Interest + MI left
- $913,057
- First ends
- Dec 2050
New loan
New conventional
$6,723/mo
+$4,208/mo- Down payment
- $98,061
- Funds due
- $114,633
- Interest + MI left
- $1,282,230
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,939 | $395,939 | $876,939 |
| Second mortgage | — | $481,000 | — |
| First P&I | $1,907.83 | $1,907.83 | $5,940.69 |
| Second P&I | — | $3,445.94 | — |
| Mortgage insurance | — | — | $175.39 |
| Taxes, insurance & HOA | $606.67 | $606.67 | $606.67 |
| Total housing payment | $2,514.50 | $5,960.44 | $6,722.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,061
Closing costs & prepaids$21,302
Usable credit−$0
Total buyer cash needed$119,363
Earnest money paid−$0
Remaining funds due$119,363
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,979.70
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)$1,170.00
Prepaid interest, first (7 days)$219.45
Prepaid interest, second (7 days)$714.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$74,352Through Dec 2026
Assumption only · ends Dec 2050$153,517
Assumption + second · ends Dec 2050, second Jan 2057$913,057
New conventional · ends Jan 2057$1,282,230