Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,334/mo
Lowest payment- Down payment
- $333,964
- Funds due
- $346,399
- Interest + MI left
- $75,333
- First ends
- Nov 2050
Assumption
Assumption + second
$3,347/mo
+$2,013/mo- Down payment
- $52,964
- Funds due
- $66,709
- Interest + MI left
- $519,056
- First ends
- Nov 2050
New loan
New conventional
$3,787/mo
+$2,452/mo- Down payment
- $52,964
- Funds due
- $63,182
- Interest + MI left
- $721,941
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,036 | $195,036 | $476,036 |
| Second mortgage | — | $281,000 | — |
| First P&I | $938.78 | $938.78 | $3,295.98 |
| Second P&I | — | $2,013.12 | — |
| Mortgage insurance | — | — | $95.21 |
| Taxes, insurance & HOA | $395.50 | $395.50 | $395.50 |
| Total housing payment | $1,334.28 | $3,347.40 | $3,786.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,964
Closing costs & prepaids$13,745
Usable credit−$0
Total buyer cash needed$66,709
Earnest money paid−$0
Remaining funds due$66,709
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$975.18
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)$592.75
Initial HOA (3 months)$93.75
Prepaid interest, first (1 days)$15.39
Prepaid interest, second (1 days)$59.66
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 2.880%
Interest already paid$36,503Through Nov 2026
Assumption only · ends Nov 2050$75,333
Assumption + second · ends Nov 2050, second Dec 2056$519,056
New conventional · ends Dec 2056$721,941