Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,448/mo
Lowest payment- Down payment
- $283,064
- Funds due
- $296,952
- Interest + MI left
- $261,188
- First ends
- Nov 2053
Assumption
Assumption + second
$4,131/mo
+$1,684/mo- Down payment
- $48,064
- Funds due
- $63,252
- Interest + MI left
- $632,273
- First ends
- Nov 2053
New loan
New conventional
$4,107/mo
+$1,659/mo- Down payment
- $48,064
- Funds due
- $59,746
- Interest + MI left
- $653,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,936 | $195,936 | $430,936 |
| Second mortgage | — | $235,000 | — |
| First P&I | $1,410.88 | $1,410.88 | $2,983.71 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | — | — | $86.19 |
| Taxes, insurance & HOA | $1,036.75 | $1,036.75 | $1,036.75 |
| Total housing payment | $2,447.63 | $4,131.20 | $4,106.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,064
Closing costs & prepaids$15,188
Usable credit−$0
Total buyer cash needed$63,252
Earnest money paid−$0
Remaining funds due$63,252
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$979.68
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)$2,232.25
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$40.21
Prepaid interest, second (1 days)$49.90
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 closing27 yrOf the original 30-year loan at 7.490%
Interest already paid$44,750Through Nov 2026
Assumption only · ends Nov 2053$261,188
Assumption + second · ends Nov 2053, second Dec 2056$632,273
New conventional · ends Dec 2056$653,543