Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$999/mo
Lowest payment- Down payment
- $230,768
- Funds due
- $240,948
- Interest + MI left
- $54,223
- First ends
- Nov 2050
Assumption
Assumption + second
$2,415/mo
+$1,416/mo- Down payment
- $37,768
- Funds due
- $49,240
- Interest + MI left
- $371,043
- First ends
- Nov 2050
New loan
New conventional
$2,712/mo
+$1,713/mo- Down payment
- $37,768
- Funds due
- $46,113
- Interest + MI left
- $511,435
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,232 | $144,232 | $337,232 |
| Second mortgage | — | $193,000 | — |
| First P&I | $689.08 | $689.08 | $2,334.93 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $67.45 |
| Taxes, insurance & HOA | $309.83 | $309.83 | $309.83 |
| Total housing payment | $998.91 | $2,415.08 | $2,712.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,768
Closing costs & prepaids$11,472
Usable credit−$0
Total buyer cash needed$49,240
Earnest money paid−$0
Remaining funds due$49,240
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$721.16
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)$314.50
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$11.10
Prepaid interest, second (1 days)$42.30
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 2.810%
Interest already paid$26,360Through Nov 2026
Assumption only · ends Nov 2050$54,223
Assumption + second · ends Nov 2050, second Dec 2056$371,043
New conventional · ends Dec 2056$511,435