Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,803/mo
Lowest payment- Down payment
- $220,837
- Funds due
- $236,626
- Interest + MI left
- $172,716
- First ends
- Nov 2050
Assumption
Assumption + second
$3,941/mo
+$1,137/mo- Down payment
- $65,837
- Funds due
- $82,910
- Interest + MI left
- $427,156
- First ends
- Nov 2050
New loan
New conventional
$4,874/mo
+$2,071/mo- Down payment
- $65,837
- Funds due
- $78,112
- Interest + MI left
- $885,654
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,063 | $429,063 | $584,063 |
| Second mortgage | — | $155,000 | — |
| First P&I | $2,089.51 | $2,089.51 | $4,043.93 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $116.81 |
| Taxes, insurance & HOA | $713.75 | $713.75 | $713.75 |
| Total housing payment | $2,803.26 | $3,940.59 | $4,874.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,837
Closing costs & prepaids$17,073
Usable credit−$0
Total buyer cash needed$82,910
Earnest money paid−$0
Remaining funds due$82,910
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,145.31
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)$1,245.25
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$35.15
Prepaid interest, second (1 days)$33.97
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 2.990%
Interest already paid$83,264Through Nov 2026
Assumption only · ends Nov 2050$172,716
Assumption + second · ends Nov 2050, second Dec 2056$427,156
New conventional · ends Dec 2056$885,654