Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,586/mo
Lowest payment- Down payment
- $333,935
- Funds due
- $347,161
- Interest + MI left
- $94,141
- First ends
- Nov 2050
Assumption
Assumption + second
$3,563/mo
+$1,977/mo- Down payment
- $57,935
- Funds due
- $72,529
- Interest + MI left
- $529,968
- First ends
- Nov 2050
New loan
New conventional
$4,105/mo
+$2,519/mo- Down payment
- $57,935
- Funds due
- $68,756
- Interest + MI left
- $784,012
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,965 | $240,965 | $516,965 |
| Second mortgage | — | $276,000 | — |
| First P&I | $1,163.56 | $1,163.56 | $3,579.36 |
| Second P&I | — | $1,977.30 | — |
| Mortgage insurance | — | — | $103.39 |
| Taxes, insurance & HOA | $422.08 | $422.08 | $422.08 |
| Total housing payment | $1,585.65 | $3,562.94 | $4,104.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,935
Closing costs & prepaids$14,594
Usable credit−$0
Total buyer cash needed$72,529
Earnest money paid−$0
Remaining funds due$72,529
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,204.83
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)$598.25
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$38.42
Prepaid interest, second (2 days)$117.21
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 2.910%
Interest already paid$45,553Through Nov 2026
Assumption only · ends Nov 2050$94,141
Assumption + second · ends Nov 2050, second Dec 2056$529,968
New conventional · ends Dec 2056$784,012