Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,277/mo
Lowest payment- Down payment
- $275,656
- Funds due
- $287,477
- Interest + MI left
- $72,402
- First ends
- Dec 2050
Assumption
Assumption + second
$2,910/mo
+$1,633/mo- Down payment
- $47,656
- Funds due
- $61,163
- Interest + MI left
- $432,434
- First ends
- Dec 2050
New loan
New conventional
$3,293/mo
+$2,016/mo- Down payment
- $47,656
- Funds due
- $57,853
- Interest + MI left
- $615,990
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,344 | $193,344 | $421,344 |
| Second mortgage | — | $228,000 | — |
| First P&I | $922.73 | $922.73 | $2,854.33 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | — | — | $84.27 |
| Taxes, insurance & HOA | $354.25 | $354.25 | $354.25 |
| Total housing payment | $1,276.98 | $2,910.40 | $3,292.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,656
Closing costs & prepaids$13,507
Usable credit−$0
Total buyer cash needed$61,163
Earnest money paid−$0
Remaining funds due$61,163
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$966.72
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)$562.75
Prepaid interest, first (9 days)$133.49
Prepaid interest, second (9 days)$435.70
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 2.8%
Interest already paid$35,214Through Dec 2026
Assumption only · ends Dec 2050$72,402
Assumption + second · ends Dec 2050, second Jan 2057$432,434
New conventional · ends Jan 2057$615,990