Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,204/mo
Lowest payment- Down payment
- $448,597
- Funds due
- $461,771
- Interest + MI left
- $64,765
- First ends
- Dec 2050
Assumption
Assumption + second
$3,976/mo
+$2,773/mo- Down payment
- $61,597
- Funds due
- $76,103
- Interest + MI left
- $675,871
- First ends
- Dec 2050
New loan
New conventional
$4,346/mo
+$3,142/mo- Down payment
- $61,597
- Funds due
- $72,630
- Interest + MI left
- $839,273
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,403 | $166,403 | $553,403 |
| Second mortgage | — | $387,000 | — |
| First P&I | $799.89 | $799.89 | $3,831.65 |
| Second P&I | — | $2,772.52 | — |
| Mortgage insurance | — | — | $110.68 |
| Taxes, insurance & HOA | $403.83 | $403.83 | $403.83 |
| Total housing payment | $1,203.73 | $3,976.24 | $4,346.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,597
Closing costs & prepaids$14,507
Usable credit−$0
Total buyer cash needed$76,103
Earnest money paid−$0
Remaining funds due$76,103
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$832.02
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)$711.50
Prepaid interest, first (1 days)$13.18
Prepaid interest, second (1 days)$82.17
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 yr 1 moOf the original 30-year loan at 2.890%
Interest already paid$30,773Through Nov 2026
Assumption only · ends Dec 2050$64,765
Assumption + second · ends Dec 2050, second Dec 2056$675,871
New conventional · ends Dec 2056$839,273