Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,985/mo
Lowest payment- Down payment
- $292,441
- Funds due
- $306,412
- Interest + MI left
- $116,630
- First ends
- Nov 2050
Assumption
Assumption + second
$3,662/mo
+$1,676/mo- Down payment
- $58,441
- Funds due
- $73,712
- Interest + MI left
- $486,136
- First ends
- Nov 2050
New loan
New conventional
$4,294/mo
+$2,308/mo- Down payment
- $58,441
- Funds due
- $69,683
- Interest + MI left
- $789,463
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,559 | $286,559 | $520,559 |
| Second mortgage | — | $234,000 | — |
| First P&I | $1,399.96 | $1,399.96 | $3,604.25 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | — | — | $104.11 |
| Taxes, insurance & HOA | $585.33 | $585.33 | $585.33 |
| Total housing payment | $1,985.29 | $3,661.70 | $4,293.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,441
Closing costs & prepaids$15,270
Usable credit−$0
Total buyer cash needed$73,712
Earnest money paid−$0
Remaining funds due$73,712
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,432.79
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)$536.00
Initial HOA (3 months)$720.00
Prepaid interest, first (1 days)$23.71
Prepaid interest, second (1 days)$49.68
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$56,148Through Nov 2026
Assumption only · ends Nov 2050$116,630
Assumption + second · ends Nov 2050, second Dec 2056$486,136
New conventional · ends Dec 2056$789,463