Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,188/mo
Lowest payment- Down payment
- $351,253
- Funds due
- $366,666
- Interest + MI left
- $140,307
- First ends
- Nov 2051
Assumption
Assumption + second
$4,201/mo
+$2,013/mo- Down payment
- $70,253
- Funds due
- $86,976
- Interest + MI left
- $584,029
- First ends
- Nov 2051
New loan
New conventional
$5,044/mo
+$2,856/mo- Down payment
- $70,253
- Funds due
- $82,528
- Interest + MI left
- $954,902
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $348,647 | $348,647 | $629,647 |
| Second mortgage | — | $281,000 | — |
| First P&I | $1,629.85 | $1,629.85 | $4,359.55 |
| Second P&I | — | $2,013.12 | — |
| Mortgage insurance | — | — | $125.93 |
| Taxes, insurance & HOA | $558.50 | $558.50 | $558.50 |
| Total housing payment | $2,188.35 | $4,201.46 | $5,043.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,253
Closing costs & prepaids$16,723
Usable credit−$0
Total buyer cash needed$86,976
Earnest money paid−$0
Remaining funds due$86,976
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,743.24
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)$830.50
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$27.41
Prepaid interest, second (1 days)$59.66
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 closing25 yrOf the original 30-year loan at 2.870%
Interest already paid$53,349Through Nov 2026
Assumption only · ends Nov 2051$140,307
Assumption + second · ends Nov 2051, second Dec 2056$584,029
New conventional · ends Dec 2056$954,902