Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,222/mo
Lowest payment- Down payment
- $347,469
- Funds due
- $359,675
- Interest + MI left
- $57,420
- First ends
- Dec 2050
Assumption
Assumption + second
$3,350/mo
+$2,128/mo- Down payment
- $50,469
- Funds due
- $63,988
- Interest + MI left
- $526,408
- First ends
- Dec 2050
New loan
New conventional
$3,680/mo
+$2,458/mo- Down payment
- $50,469
- Funds due
- $60,718
- Interest + MI left
- $674,072
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,531 | $147,531 | $444,531 |
| Second mortgage | — | $297,000 | — |
| First P&I | $709.18 | $709.18 | $3,077.84 |
| Second P&I | — | $2,127.74 | — |
| Mortgage insurance | — | — | $88.91 |
| Taxes, insurance & HOA | $512.92 | $512.92 | $512.92 |
| Total housing payment | $1,222.09 | $3,349.84 | $3,679.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,469
Closing costs & prepaids$13,519
Usable credit−$0
Total buyer cash needed$63,988
Earnest money paid−$0
Remaining funds due$63,988
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$737.66
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)$1,038.75
Prepaid interest, first (1 days)$11.68
Prepaid interest, second (1 days)$63.06
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yr 1 moOf the original 30-year loan at 2.890%
Interest already paid$27,283Through Nov 2026
Assumption only · ends Dec 2050$57,420
Assumption + second · ends Dec 2050, second Dec 2056$526,408
New conventional · ends Dec 2056$674,072