Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,456/mo
Lowest payment- Down payment
- $364,242
- Funds due
- $377,397
- Interest + MI left
- $88,594
- First ends
- Nov 2050
Assumption
Assumption + second
$3,634/mo
+$2,178/mo- Down payment
- $60,242
- Funds due
- $74,711
- Interest + MI left
- $568,636
- First ends
- Nov 2050
New loan
New conventional
$4,175/mo
+$2,719/mo- Down payment
- $60,242
- Funds due
- $70,914
- Interest + MI left
- $818,428
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,658 | $235,658 | $539,658 |
| Second mortgage | — | $304,000 | — |
| First P&I | $1,125.88 | $1,125.88 | $3,736.48 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | — | — | $107.93 |
| Taxes, insurance & HOA | $330.50 | $330.50 | $330.50 |
| Total housing payment | $1,456.38 | $3,634.27 | $4,174.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,242
Closing costs & prepaids$14,469
Usable credit−$0
Total buyer cash needed$74,711
Earnest money paid−$0
Remaining funds due$74,711
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,178.29
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)$453.25
Initial HOA (3 months)$38.25
Prepaid interest, first (1 days)$18.14
Prepaid interest, second (1 days)$64.55
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$43,069Through Nov 2026
Assumption only · ends Nov 2050$88,594
Assumption + second · ends Nov 2050, second Dec 2056$568,636
New conventional · ends Dec 2056$818,428