Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,074/mo
Lowest payment- Down payment
- $347,823
- Funds due
- $359,652
- Interest + MI left
- $57,065
- First ends
- Dec 2050
Assumption
Assumption + second
$3,209/mo
+$2,135/mo- Down payment
- $49,823
- Funds due
- $63,345
- Interest + MI left
- $527,632
- First ends
- Dec 2050
New loan
New conventional
$3,469/mo
+$2,396/mo- Down payment
- $49,823
- Funds due
- $60,157
- Interest + MI left
- $650,922
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,177 | $147,177 | $445,177 |
| Second mortgage | — | $298,000 | — |
| First P&I | $709.18 | $709.18 | $3,015.78 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | — | — | $89.04 |
| Taxes, insurance & HOA | $364.67 | $364.67 | $364.67 |
| Total housing payment | $1,073.84 | $3,208.75 | $3,469.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,823
Closing costs & prepaids$13,522
Usable credit−$0
Total buyer cash needed$63,345
Earnest money paid−$0
Remaining funds due$63,345
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$735.89
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)$594.00
Prepaid interest, first (7 days)$81.57
Prepaid interest, second (7 days)$442.92
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$27,638Through Dec 2026
Assumption only · ends Dec 2050$57,065
Assumption + second · ends Dec 2050, second Jan 2057$527,632
New conventional · ends Jan 2057$650,922