Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,915/mo
Lowest payment- Down payment
- $205,794
- Funds due
- $218,966
- Interest + MI left
- $123,763
- First ends
- Dec 2050
Assumption
Assumption + second
$3,037/mo
+$1,123/mo- Down payment
- $52,794
- Funds due
- $67,517
- Interest + MI left
- $374,921
- First ends
- Dec 2050
New loan
New conventional
$3,670/mo
+$1,755/mo- Down payment
- $52,794
- Funds due
- $63,657
- Interest + MI left
- $690,436
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,201 | $319,201 | $472,201 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,538.07 | $1,538.07 | $3,198.85 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $94.44 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,914.74 | $3,037.40 | $3,669.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,794
Closing costs & prepaids$14,723
Usable credit−$0
Total buyer cash needed$67,517
Earnest money paid−$0
Remaining funds due$67,517
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,249.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,596.00
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)$630.00
Prepaid interest, first (9 days)$227.46
Prepaid interest, second (9 days)$301.81
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 2.89%
Interest already paid$59,942Through Dec 2026
Assumption only · ends Dec 2050$123,763
Assumption + second · ends Dec 2050, second Jan 2057$374,921
New conventional · ends Jan 2057$690,436