Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,235/mo
Lowest payment- Down payment
- $223,341
- Funds due
- $238,007
- Interest + MI left
- $119,266
- First ends
- Dec 2050
Assumption
Assumption + second
$3,409/mo
+$1,174/mo- Down payment
- $63,341
- Funds due
- $79,467
- Interest + MI left
- $381,915
- First ends
- Dec 2050
New loan
New conventional
$4,352/mo
+$2,117/mo- Down payment
- $63,341
- Funds due
- $75,076
- Interest + MI left
- $824,892
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,158 | $404,158 | $564,158 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,817.45 | $1,817.45 | $3,821.80 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $112.83 |
| Taxes, insurance & HOA | $417.67 | $417.67 | $417.67 |
| Total housing payment | $2,235.11 | $3,409.14 | $4,352.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,341
Closing costs & prepaids$16,127
Usable credit−$0
Total buyer cash needed$79,467
Earnest money paid−$0
Remaining funds due$79,467
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,274.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,020.79
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)$753.00
Prepaid interest, first (6 days)$149.48
Prepaid interest, second (6 days)$210.41
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 2.25%
Interest already paid$59,550Through Dec 2026
Assumption only · ends Dec 2050$119,266
Assumption + second · ends Dec 2050, second Jan 2057$381,915
New conventional · ends Jan 2057$824,892