Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,301/mo
Lowest payment- Down payment
- $188,723
- Funds due
- $202,709
- Interest + MI left
- $150,913
- First ends
- Nov 2050
Assumption
Assumption + second
$3,262/mo
+$961/mo- Down payment
- $57,723
- Funds due
- $72,988
- Interest + MI left
- $365,956
- First ends
- Nov 2050
New loan
New conventional
$4,120/mo
+$1,820/mo- Down payment
- $57,723
- Funds due
- $68,482
- Interest + MI left
- $784,485
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $386,277 | $386,277 | $517,277 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,865.24 | $1,865.24 | $3,581.52 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | — | — | $103.46 |
| Taxes, insurance & HOA | $435.42 | $435.42 | $435.42 |
| Total housing payment | $2,300.66 | $3,261.89 | $4,120.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,723
Closing costs & prepaids$15,265
Usable credit−$0
Total buyer cash needed$72,988
Earnest money paid−$0
Remaining funds due$72,988
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,931.39
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)$569.25
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$30.80
Prepaid interest, second (1 days)$28.71
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 2.910%
Interest already paid$73,023Through Nov 2026
Assumption only · ends Nov 2050$150,913
Assumption + second · ends Nov 2050, second Dec 2056$365,956
New conventional · ends Dec 2056$784,485