Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,059/mo
Lowest payment- Down payment
- $249,539
- Funds due
- $263,527
- Interest + MI left
- $129,573
- First ends
- Dec 2050
Assumption
Assumption + second
$3,461/mo
+$1,401/mo- Down payment
- $58,539
- Funds due
- $74,028
- Interest + MI left
- $443,109
- First ends
- Dec 2050
New loan
New conventional
$4,116/mo
+$2,057/mo- Down payment
- $58,539
- Funds due
- $69,934
- Interest + MI left
- $769,773
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,461 | $335,461 | $526,461 |
| Second mortgage | — | $191,000 | — |
| First P&I | $1,614.70 | $1,614.70 | $3,566.43 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | — | — | $105.29 |
| Taxes, insurance & HOA | $444.67 | $444.67 | $444.67 |
| Total housing payment | $2,059.37 | $3,460.86 | $4,116.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,539
Closing costs & prepaids$15,489
Usable credit−$0
Total buyer cash needed$74,028
Earnest money paid−$0
Remaining funds due$74,028
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,677.31
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)$702.00
Initial HOA (3 months)$132.00
Prepaid interest, first (6 days)$158.82
Prepaid interest, second (6 days)$251.18
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 2.88%
Interest already paid$62,785Through Dec 2026
Assumption only · ends Dec 2050$129,573
Assumption + second · ends Dec 2050, second Jan 2057$443,109
New conventional · ends Jan 2057$769,773