Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,884/mo
Lowest payment- Down payment
- $182,731
- Funds due
- $195,336
- Interest + MI left
- $113,467
- First ends
- Nov 2050
Assumption
Assumption + second
$2,875/mo
+$991/mo- Down payment
- $47,731
- Funds due
- $61,616
- Interest + MI left
- $335,077
- First ends
- Nov 2050
New loan
New conventional
$3,500/mo
+$1,616/mo- Down payment
- $47,731
- Funds due
- $57,692
- Interest + MI left
- $640,163
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,169 | $287,169 | $422,169 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,391.10 | $1,391.10 | $2,923.01 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | — | — | $84.43 |
| Taxes, insurance & HOA | $493.00 | $493.00 | $493.00 |
| Total housing payment | $1,884.10 | $2,874.68 | $3,500.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,731
Closing costs & prepaids$13,885
Usable credit−$0
Total buyer cash needed$61,616
Earnest money paid−$0
Remaining funds due$61,616
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,435.84
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)$640.00
Initial HOA (3 months)$339.00
Prepaid interest, first (1 days)$23.13
Prepaid interest, second (1 days)$29.59
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 2.940%
Interest already paid$54,828Through Nov 2026
Assumption only · ends Nov 2050$113,467
Assumption + second · ends Nov 2050, second Dec 2056$335,077
New conventional · ends Dec 2056$640,163