Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,301/mo
Lowest payment- Down payment
- $235,014
- Funds due
- $256,255
- Interest + MI left
- $211,985
- First ends
- Nov 2050
Assumption
Assumption + second
$5,439/mo
+$1,137/mo- Down payment
- $80,014
- Funds due
- $102,539
- Interest + MI left
- $466,426
- First ends
- Nov 2050
New loan
New conventional
$6,729/mo
+$2,427/mo- Down payment
- $80,014
- Funds due
- $96,946
- Interest + MI left
- $1,090,221
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $563,874 | $563,874 | $718,874 |
| Second mortgage | — | $155,000 | — |
| First P&I | $2,693.96 | $2,693.96 | $4,977.34 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $143.77 |
| Taxes, insurance & HOA | $1,607.42 | $1,607.42 | $1,607.42 |
| Total housing payment | $4,301.37 | $5,438.71 | $6,728.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,014
Closing costs & prepaids$22,526
Usable credit−$0
Total buyer cash needed$102,539
Earnest money paid−$0
Remaining funds due$102,539
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,988.88
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,819.37
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)$1,997.25
Initial HOA (3 months)$2,175.00
Prepaid interest, first (1 days)$43.41
Prepaid interest, second (1 days)$33.97
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 yrOf the original 30-year loan at 2.810%
Interest already paid$103,054Through Nov 2026
Assumption only · ends Nov 2050$211,985
Assumption + second · ends Nov 2050, second Dec 2056$466,426
New conventional · ends Dec 2056$1,090,221