Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,949/mo
Lowest payment- Down payment
- $232,698
- Funds due
- $246,104
- Interest + MI left
- $97,080
- First ends
- Dec 2050
Assumption
Assumption + second
$3,299/mo
+$1,350/mo- Down payment
- $48,698
- Funds due
- $63,596
- Interest + MI left
- $399,126
- First ends
- Dec 2050
New loan
New conventional
$3,779/mo
+$1,830/mo- Down payment
- $48,698
- Funds due
- $59,958
- Interest + MI left
- $637,946
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,302 | $252,302 | $436,302 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,213.13 | $1,213.13 | $2,955.66 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | — | — | $87.26 |
| Taxes, insurance & HOA | $735.67 | $735.67 | $735.67 |
| Total housing payment | $1,948.80 | $3,298.92 | $3,778.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,698
Closing costs & prepaids$14,898
Usable credit−$0
Total buyer cash needed$63,596
Earnest money paid−$0
Remaining funds due$63,596
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,261.51
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)$582.00
Initial HOA (3 months)$1,125.00
Prepaid interest, first (6 days)$119.03
Prepaid interest, second (6 days)$241.97
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 2.87%
Interest already paid$47,062Through Dec 2026
Assumption only · ends Dec 2050$97,080
Assumption + second · ends Dec 2050, second Jan 2057$399,126
New conventional · ends Jan 2057$637,946