Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,434/mo
Lowest payment- Down payment
- $290,843
- Funds due
- $303,144
- Interest + MI left
- $71,402
- First ends
- Dec 2050
Assumption
Assumption + second
$3,174/mo
+$1,741/mo- Down payment
- $47,843
- Funds due
- $61,445
- Interest + MI left
- $455,120
- First ends
- Dec 2050
New loan
New conventional
$3,592/mo
+$2,159/mo- Down payment
- $47,843
- Funds due
- $58,024
- Interest + MI left
- $647,812
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,157 | $184,157 | $427,157 |
| Second mortgage | — | $243,000 | — |
| First P&I | $884.29 | $884.29 | $2,957.55 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | — | — | $85.43 |
| Taxes, insurance & HOA | $549.25 | $549.25 | $549.25 |
| Total housing payment | $1,433.54 | $3,174.43 | $3,592.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,843
Closing costs & prepaids$13,603
Usable credit−$0
Total buyer cash needed$61,445
Earnest money paid−$0
Remaining funds due$61,445
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$920.79
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)$713.75
Initial HOA (3 months)$434.01
Prepaid interest, first (1 days)$14.53
Prepaid interest, second (1 days)$51.60
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 2.880%
Interest already paid$33,942Through Nov 2026
Assumption only · ends Dec 2050$71,402
Assumption + second · ends Dec 2050, second Dec 2056$455,120
New conventional · ends Dec 2056$647,812