Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,896/mo
Lowest payment- Down payment
- $220,000
- Funds due
- $233,238
- Interest + MI left
- $114,471
- First ends
- Dec 2050
Assumption
Assumption + second
$3,129/mo
+$1,233/mo- Down payment
- $52,000
- Funds due
- $66,819
- Interest + MI left
- $390,252
- First ends
- Dec 2050
New loan
New conventional
$3,712/mo
+$1,816/mo- Down payment
- $52,000
- Funds due
- $63,051
- Interest + MI left
- $680,638
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,500 | $297,500 | $465,500 |
| Second mortgage | — | $168,000 | — |
| First P&I | $1,430.46 | $1,430.46 | $3,153.46 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $93.10 |
| Taxes, insurance & HOA | $465.67 | $465.67 | $465.67 |
| Total housing payment | $1,896.12 | $3,128.85 | $3,712.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,000
Closing costs & prepaids$14,819
Usable credit−$0
Total buyer cash needed$66,819
Earnest money paid−$0
Remaining funds due$66,819
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,175.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,487.50
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)$621.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$210.53
Prepaid interest, second (9 days)$331.40
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 2.87%
Interest already paid$55,493Through Dec 2026
Assumption only · ends Dec 2050$114,471
Assumption + second · ends Dec 2050, second Jan 2057$390,252
New conventional · ends Jan 2057$680,638