Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,507/mo
Lowest payment- Down payment
- $325,414
- Funds due
- $342,174
- Interest + MI left
- $160,970
- First ends
- Dec 2050
Assumption
Assumption + second
$4,305/mo
+$1,798/mo- Down payment
- $74,414
- Funds due
- $92,744
- Interest + MI left
- $557,320
- First ends
- Dec 2050
New loan
New conventional
$5,147/mo
+$2,640/mo- Down payment
- $74,414
- Funds due
- $88,156
- Interest + MI left
- $971,735
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $413,586 | $413,586 | $664,586 |
| Second mortgage | — | $251,000 | — |
| First P&I | $1,994.99 | $1,994.99 | $4,502.14 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | — | — | $132.92 |
| Taxes, insurance & HOA | $512.25 | $512.25 | $512.25 |
| Total housing payment | $2,507.24 | $4,305.43 | $5,147.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,414
Closing costs & prepaids$18,330
Usable credit−$0
Total buyer cash needed$92,744
Earnest money paid−$0
Remaining funds due$92,744
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,067.93
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)$886.75
Prepaid interest, first (6 days)$197.16
Prepaid interest, second (6 days)$319.77
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$77,926Through Dec 2026
Assumption only · ends Dec 2050$160,970
Assumption + second · ends Dec 2050, second Jan 2057$557,320
New conventional · ends Jan 2057$971,735