Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,280/mo
Lowest payment- Down payment
- $180,772
- Funds due
- $194,870
- Interest + MI left
- $148,976
- First ends
- Dec 2050
Assumption
Assumption + second
$3,190/mo
+$910/mo- Down payment
- $56,772
- Funds due
- $72,364
- Interest + MI left
- $352,529
- First ends
- Dec 2050
New loan
New conventional
$3,973/mo
+$1,693/mo- Down payment
- $56,772
- Funds due
- $68,214
- Interest + MI left
- $743,113
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,228 | $384,228 | $508,228 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,851.40 | $1,851.40 | $3,442.91 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | — | — | $101.65 |
| Taxes, insurance & HOA | $428.34 | $428.34 | $428.34 |
| Total housing payment | $2,279.74 | $3,189.61 | $3,972.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,772
Closing costs & prepaids$15,593
Usable credit−$0
Total buyer cash needed$72,364
Earnest money paid−$0
Remaining funds due$72,364
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,921.14
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)$678.00
Initial HOA (3 months)$107.01
Prepaid interest, first (9 days)$273.80
Prepaid interest, second (9 days)$244.60
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$72,153Through Dec 2026
Assumption only · ends Dec 2050$148,976
Assumption + second · ends Dec 2050, second Jan 2057$352,529
New conventional · ends Jan 2057$743,113