Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,841/mo
Lowest payment- Down payment
- $348,055
- Funds due
- $362,076
- Interest + MI left
- $97,973
- First ends
- Nov 2050
Assumption
Assumption + second
$3,919/mo
+$2,078/mo- Down payment
- $58,055
- Funds due
- $73,388
- Interest + MI left
- $555,907
- First ends
- Nov 2050
New loan
New conventional
$4,403/mo
+$2,562/mo- Down payment
- $58,055
- Funds due
- $69,643
- Interest + MI left
- $787,015
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,945 | $228,945 | $518,945 |
| Second mortgage | — | $290,000 | — |
| First P&I | $1,135.13 | $1,135.13 | $3,593.07 |
| Second P&I | — | $2,077.60 | — |
| Mortgage insurance | — | — | $103.79 |
| Taxes, insurance & HOA | $706.25 | $706.25 | $706.25 |
| Total housing payment | $1,841.38 | $3,918.98 | $4,403.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,055
Closing costs & prepaids$15,333
Usable credit−$0
Total buyer cash needed$73,388
Earnest money paid−$0
Remaining funds due$73,388
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,770.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,144.72
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)$1,228.75
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$19.82
Prepaid interest, second (1 days)$61.58
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 3.160%
Interest already paid$46,863Through Nov 2026
Assumption only · ends Nov 2050$97,973
Assumption + second · ends Nov 2050, second Dec 2056$555,907
New conventional · ends Dec 2056$787,015