Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,710/mo
Lowest payment- Down payment
- $570,612
- Funds due
- $590,535
- Interest + MI left
- $169,026
- First ends
- Dec 2050
Assumption
Assumption + second
$6,077/mo
+$3,367/mo- Down payment
- $100,612
- Funds due
- $122,683
- Interest + MI left
- $911,195
- First ends
- Dec 2050
New loan
New conventional
$6,905/mo
+$4,195/mo- Down payment
- $100,612
- Funds due
- $117,871
- Interest + MI left
- $1,315,054
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,388 | $429,388 | $899,388 |
| Second mortgage | — | $470,000 | — |
| First P&I | $2,077.83 | $2,077.83 | $6,092.77 |
| Second P&I | — | $3,367.14 | — |
| Mortgage insurance | — | — | $179.88 |
| Taxes, insurance & HOA | $632.50 | $632.50 | $632.50 |
| Total housing payment | $2,710.32 | $6,077.46 | $6,905.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,612
Closing costs & prepaids$22,071
Usable credit−$0
Total buyer cash needed$122,683
Earnest money paid−$0
Remaining funds due$122,683
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,146.94
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,200.00
Initial HOA (3 months)$47.49
Prepaid interest, first (9 days)$310.22
Prepaid interest, second (9 days)$898.15
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 2.93%
Interest already paid$81,712Through Dec 2026
Assumption only · ends Dec 2050$169,026
Assumption + second · ends Dec 2050, second Jan 2057$911,195
New conventional · ends Jan 2057$1,315,054