Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,937/mo
Lowest payment- Down payment
- $309,857
- Funds due
- $324,051
- Interest + MI left
- $122,656
- First ends
- Dec 2050
Assumption
Assumption + second
$3,706/mo
+$1,770/mo- Down payment
- $62,857
- Funds due
- $78,616
- Interest + MI left
- $512,689
- First ends
- Dec 2050
New loan
New conventional
$4,337/mo
+$2,400/mo- Down payment
- $62,857
- Funds due
- $74,567
- Interest + MI left
- $821,946
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,143 | $315,143 | $562,143 |
| Second mortgage | — | $247,000 | — |
| First P&I | $1,520.13 | $1,520.13 | $3,808.15 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | — | — | $112.43 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $1,936.80 | $3,706.34 | $4,337.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,857
Closing costs & prepaids$15,759
Usable credit−$0
Total buyer cash needed$78,616
Earnest money paid−$0
Remaining funds due$78,616
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,575.72
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)$750.00
Prepaid interest, first (6 days)$150.23
Prepaid interest, second (6 days)$314.67
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 2.9%
Interest already paid$59,378Through Dec 2026
Assumption only · ends Dec 2050$122,656
Assumption + second · ends Dec 2050, second Jan 2057$512,689
New conventional · ends Jan 2057$821,946