Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,293/mo
Lowest payment- Down payment
- $312,222
- Funds due
- $327,576
- Interest + MI left
- $143,986
- First ends
- Dec 2050
Assumption
Assumption + second
$4,034/mo
+$1,741/mo- Down payment
- $69,222
- Funds due
- $86,136
- Interest + MI left
- $527,704
- First ends
- Dec 2050
New loan
New conventional
$4,793/mo
+$2,500/mo- Down payment
- $69,222
- Funds due
- $81,778
- Interest + MI left
- $900,369
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,778 | $372,778 | $615,778 |
| Second mortgage | — | $243,000 | — |
| First P&I | $1,794.32 | $1,794.32 | $4,171.49 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | — | — | $123.16 |
| Taxes, insurance & HOA | $498.67 | $498.67 | $498.67 |
| Total housing payment | $2,292.99 | $4,033.87 | $4,793.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,222
Closing costs & prepaids$16,914
Usable credit−$0
Total buyer cash needed$86,136
Earnest money paid−$0
Remaining funds due$86,136
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,863.89
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)$822.00
Initial HOA (3 months)$174.00
Prepaid interest, first (6 days)$176.48
Prepaid interest, second (6 days)$309.58
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 2.88%
Interest already paid$69,769Through Dec 2026
Assumption only · ends Dec 2050$143,986
Assumption + second · ends Dec 2050, second Jan 2057$527,704
New conventional · ends Jan 2057$900,369