Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,175/mo
Lowest payment- Down payment
- $403,055
- Funds due
- $421,968
- Interest + MI left
- $230,100
- First ends
- Feb 2050
Assumption
Assumption + second
$5,432/mo
+$2,257/mo- Down payment
- $88,055
- Funds due
- $108,619
- Interest + MI left
- $727,511
- First ends
- Feb 2050
New loan
New conventional
$6,138/mo
+$2,963/mo- Down payment
- $88,055
- Funds due
- $103,577
- Interest + MI left
- $1,150,644
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $471,945 | $471,945 | $786,945 |
| Second mortgage | — | $315,000 | — |
| First P&I | $2,525.34 | $2,525.34 | $5,331.04 |
| Second P&I | — | $2,256.70 | — |
| Mortgage insurance | — | — | $157.39 |
| Taxes, insurance & HOA | $649.67 | $649.67 | $649.67 |
| Total housing payment | $3,175.01 | $5,431.70 | $6,138.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,055
Closing costs & prepaids$20,564
Usable credit−$0
Total buyer cash needed$108,619
Earnest money paid−$0
Remaining funds due$108,619
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,359.72
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)$1,050.00
Initial HOA (3 months)$249.00
Prepaid interest, first (6 days)$285.49
Prepaid interest, second (6 days)$401.30
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 closing23 yr 2 moOf the original 30-year loan at 3.68%
Interest already paid$129,022Through Dec 2026
Assumption only · ends Feb 2050$230,100
Assumption + second · ends Feb 2050, second Jan 2057$727,511
New conventional · ends Jan 2057$1,150,644