Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,231/mo
Lowest payment- Down payment
- $253,189
- Funds due
- $264,405
- Interest + MI left
- $73,813
- First ends
- Dec 2050
Assumption
Assumption + second
$2,728/mo
+$1,497/mo- Down payment
- $44,189
- Funds due
- $57,054
- Interest + MI left
- $403,842
- First ends
- Dec 2050
New loan
New conventional
$3,087/mo
+$1,856/mo- Down payment
- $44,189
- Funds due
- $53,801
- Interest + MI left
- $578,741
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,811 | $186,811 | $395,811 |
| Second mortgage | — | $209,000 | — |
| First P&I | $904.95 | $904.95 | $2,681.36 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | — | — | $79.16 |
| Taxes, insurance & HOA | $326.00 | $326.00 | $326.00 |
| Total housing payment | $1,230.95 | $2,728.25 | $3,086.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,189
Closing costs & prepaids$12,865
Usable credit−$0
Total buyer cash needed$57,054
Earnest money paid−$0
Remaining funds due$57,054
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$934.05
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Prepaid interest, first (9 days)$135.43
Prepaid interest, second (9 days)$399.39
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.94%
Interest already paid$35,667Through Dec 2026
Assumption only · ends Dec 2050$73,813
Assumption + second · ends Dec 2050, second Jan 2057$403,842
New conventional · ends Jan 2057$578,741