Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,458/mo
Lowest payment- Down payment
- $138,590
- Funds due
- $149,208
- Interest + MI left
- $86,044
- First ends
- Nov 2050
Assumption
Assumption + second
$2,214/mo
+$756/mo- Down payment
- $35,590
- Funds due
- $47,480
- Interest + MI left
- $255,124
- First ends
- Nov 2050
New loan
New conventional
$2,665/mo
+$1,207/mo- Down payment
- $35,590
- Funds due
- $44,048
- Interest + MI left
- $476,761
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,410 | $211,410 | $314,410 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,032.83 | $1,032.83 | $2,176.91 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $62.88 |
| Taxes, insurance & HOA | $425.00 | $425.00 | $425.00 |
| Total housing payment | $1,457.83 | $2,213.60 | $2,664.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,590
Closing costs & prepaids$11,890
Usable credit−$0
Total buyer cash needed$47,480
Earnest money paid−$0
Remaining funds due$47,480
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,057.05
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$600.00
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$17.49
Prepaid interest, second (1 days)$22.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.020%
Interest already paid$41,423Through Nov 2026
Assumption only · ends Nov 2050$86,044
Assumption + second · ends Nov 2050, second Dec 2056$255,124
New conventional · ends Dec 2056$476,761