Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,288/mo
Lowest payment- Down payment
- $379,732
- Funds due
- $399,287
- Interest + MI left
- $226,357
- First ends
- Dec 2050
Assumption
Assumption + second
$5,359/mo
+$2,070/mo- Down payment
- $90,732
- Funds due
- $111,905
- Interest + MI left
- $682,713
- First ends
- Dec 2050
New loan
New conventional
$6,358/mo
+$3,069/mo- Down payment
- $90,732
- Funds due
- $106,647
- Interest + MI left
- $1,190,594
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $525,268 | $525,268 | $814,268 |
| Second mortgage | — | $289,000 | — |
| First P&I | $2,609.81 | $2,609.81 | $5,516.14 |
| Second P&I | — | $2,070.43 | — |
| Mortgage insurance | — | — | $162.85 |
| Taxes, insurance & HOA | $678.67 | $678.67 | $678.67 |
| Total housing payment | $3,288.48 | $5,358.91 | $6,357.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,732
Closing costs & prepaids$21,173
Usable credit−$0
Total buyer cash needed$111,905
Earnest money paid−$0
Remaining funds due$111,905
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,626.34
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)$1,086.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$274.58
Prepaid interest, second (6 days)$368.18
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$108,175Through Dec 2026
Assumption only · ends Dec 2050$226,357
Assumption + second · ends Dec 2050, second Jan 2057$682,713
New conventional · ends Jan 2057$1,190,594