Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,102/mo
Lowest payment- Down payment
- $364,220
- Funds due
- $379,281
- Interest + MI left
- $116,110
- First ends
- Nov 2050
Assumption
Assumption + second
$4,244/mo
+$2,142/mo- Down payment
- $65,220
- Funds due
- $81,658
- Interest + MI left
- $588,256
- First ends
- Nov 2050
New loan
New conventional
$4,870/mo
+$2,769/mo- Down payment
- $65,220
- Funds due
- $77,598
- Interest + MI left
- $886,100
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,280 | $285,280 | $584,280 |
| Second mortgage | — | $299,000 | — |
| First P&I | $1,393.71 | $1,393.71 | $4,045.44 |
| Second P&I | — | $2,142.07 | — |
| Mortgage insurance | — | — | $116.86 |
| Taxes, insurance & HOA | $707.92 | $707.92 | $707.92 |
| Total housing payment | $2,101.63 | $4,243.70 | $4,870.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,220
Closing costs & prepaids$16,437
Usable credit−$0
Total buyer cash needed$81,658
Earnest money paid−$0
Remaining funds due$81,658
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,426.40
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)$1,623.75
Prepaid interest, first (2 days)$47.21
Prepaid interest, second (2 days)$126.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.020%
Interest already paid$55,897Through Nov 2026
Assumption only · ends Nov 2050$116,110
Assumption + second · ends Nov 2050, second Dec 2056$588,256
New conventional · ends Dec 2056$886,100