Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,393/mo
Lowest payment- Down payment
- $107,037
- Funds due
- $120,184
- Interest + MI left
- $123,307
- First ends
- Nov 2050
Assumption
Assumption + second
$2,924/mo
+$531/mo- Down payment
- $41,037
- Funds due
- $55,450
- Interest + MI left
- $248,485
- First ends
- Nov 2050
New loan
New conventional
$3,541/mo
+$1,148/mo- Down payment
- $41,037
- Funds due
- $51,515
- Interest + MI left
- $559,557
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,963 | $302,963 | $368,963 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,480.10 | $1,480.10 | $2,554.63 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $73.79 |
| Taxes, insurance & HOA | $912.83 | $912.83 | $912.83 |
| Total housing payment | $2,392.94 | $2,923.99 | $3,541.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,037
Closing costs & prepaids$14,413
Usable credit−$0
Total buyer cash needed$55,450
Earnest money paid−$0
Remaining funds due$55,450
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,514.81
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,547.50
Initial HOA (3 months)$741.00
Prepaid interest, first (1 days)$25.07
Prepaid interest, second (1 days)$16.27
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 3.020%
Interest already paid$59,362Through Nov 2026
Assumption only · ends Nov 2050$123,307
Assumption + second · ends Nov 2050, second Dec 2056$248,485
New conventional · ends Dec 2056$559,557