Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,137/mo
Lowest payment- Down payment
- $310,335
- Funds due
- $324,933
- Interest + MI left
- $61,632
- First ends
- Nov 2050
Assumption
Assumption + second
$4,022/mo
+$1,884/mo- Down payment
- $47,335
- Funds due
- $63,295
- Interest + MI left
- $476,931
- First ends
- Nov 2050
New loan
New conventional
$4,380/mo
+$2,242/mo- Down payment
- $47,335
- Funds due
- $60,015
- Interest + MI left
- $640,848
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,565 | $159,565 | $422,565 |
| Second mortgage | — | $263,000 | — |
| First P&I | $768.05 | $768.05 | $2,925.75 |
| Second P&I | — | $1,884.16 | — |
| Mortgage insurance | — | — | $84.51 |
| Taxes, insurance & HOA | $1,369.42 | $1,369.42 | $1,369.42 |
| Total housing payment | $2,137.46 | $4,021.63 | $4,379.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,335
Closing costs & prepaids$15,960
Usable credit−$0
Total buyer cash needed$63,295
Earnest money paid−$0
Remaining funds due$63,295
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$797.82
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)$1,013.25
Initial HOA (3 months)$2,595.00
Prepaid interest, first (2 days)$25.18
Prepaid interest, second (2 days)$111.68
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 2.880%
Interest already paid$29,864Through Nov 2026
Assumption only · ends Nov 2050$61,632
Assumption + second · ends Nov 2050, second Dec 2056$476,931
New conventional · ends Dec 2056$640,848